Market News

Investors at the Nigerian exchange market experienced a decline again on Wednesday, losing N673 billion in market capitalisation due to sell-offs in major stocks like MTN Nigeria and Transcorp Hotel amid the depreciation of the Naira against the Dollar at the foreign exchange market.

The market capitalisation shed 1.20 per cent or N673 billion to close at N55.494 trillion, compared to 56.167 trillion recorded on Tuesday.

The All-share Index also lost 1.20 per cent or 1,190 points to close at 98,121.30, in contrast to 99,311.54 posted in the previous session.

Consequently, the Year-To-Date (YTD) return declined to 31.22 per cent.

Other declined equities, such as FBN Holdings, Cornerstone Insurance, and Mutual Benefits Assurance, also negatively affected the market performance.

However, the market breadth closed positive, with 22 advanced stocks outnumbering 19 others that declined.

On the gainers side, Sunu Assurances, Neimeth International Pharmaceuticals, and The Initiative Plc(TIP) led by 10 per cent each to close at N1.21, N1.98 and 1.98 per share, respectively.

Cap Plc followed closely with 9.90 per cent to close at N28.85, and UPDC Real Estate Investment Trust rose by 9.76 per cent to close at N1.35 per share.

Conversely, Transcorp Hotel and MTN led the losers log by 10 per cent each to close at N87.93 and N201.60 per share, respectively.

Oando trailed closely by 9.90 per cent to close at N9.10, FBN Holdings lost 9.82 per cent to close at N19.75, while FIDSON Healthcare Plc dropped 9.82 per cent to close at N19.75 per share.

Analysis of the market activities also showed trade turnover settled higher relative to the previous session, with the value of transactions up by 22.10 per cent.

395.75 million shares valued at N9.58 billion were exchanged in 7,907 deals, as against 574.43 million shares valued at N7.84 billion in 7,324 deals traded previously.

Meanwhile, Guaranty Trust Holding Company Plc (GTCO) led the volume and value chart with 81.41 million shares valued at 2.93 billion, Zenith Bank followed by 46.16 billion shares worth N1.69 billion.

United Bank of Africa(UBA) traded 41.60 million shares worth N953.52 million, FBN Holdings transacted 23.44 million shares valued at N480.99 million, and Access Corporation sold 22.30 million shares worth N361.89 million.

Recall that on Tuesday, the equity market recorded a N200 billion loss.