Market capitalisation of NGX loses N58bn, halting seven-day rally

Market capitalisation of NGX loses N58bn, halting seven-day rally

The Nigerian Exchange Limited experienced a decline in market capitalisation by N58 billion, closing at N28.475 trillion on Tuesday, putting a halt to a seven-day rally. This was due to selloffs in Wapco, Geregu, and ETI shares. The NGX All-Share Index similarly declined by 107.03 base points, closing at 52,296.48.

Investors traded 550,293,697 million units of shares valued at N5.150 billion in 6,250 deals. This trade turnover is lower than that of the previous session, with the value of transactions down by 60.59 per cent.

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Access Corp led the volume and value charts with 150 million units traded in deals worth N1.6 billion, an increase of 2.46 per cent. Investors’ sentiment, as measured by market breadth, appreciated as 30 gainers surpassed 23 losers at the end of trading. Leading the gainers’ table were Conoil, Union Bank of Nigeria, Multiverse, NAHCO, and Nigerian Breweries, whose share units appreciated by 10 per cent, 10 per cent, 9.71 per cent, 9.62 per cent, and 9.38 per cent, respectively.

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On the losers’ table, Geregu led with a 10 per cent dip, followed by Transcorp (-9.96 per cent), Afriprud (-9.40 per cent), International Breweries (-8.51 per cent), and Ikeja Hotel (-6.85 per cent). Performance across tracked indices was largely bullish, with the Banking, Oil & Gas, Consumer Goods, and Insurance indices appreciating by 2.84 per cent, 1.05 per cent, 0.31 per cent, and 0.07 per cent, respectively.

The Industrial Goods index, on the other hand, moderated 0.08 per cent due to sell pressures in Wapco (-1.66 per cent).

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