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NGX market capitalisation sheds N176bn over selloffs

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The domestic bourse on Wednesday halted its three consecutive sessions of gain, as the market capitalisation shed N176 billion or 0.32 per cent.

Specifically the Nigerian Exchange Ltd. (NGX) market capitalisation which opened at N55.437 trillion, closed at N55.261 trillion.

The All-Share Index also lost 0.32 per cent or 307 points to close at 96,203.65, against 96,510.13 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return decreased by 28.66 per cent.

Selloffs in MTN Nigeria, alongside FBN Holdings, Access Corporation, Wema Bank, amongst other declined equities were the primary drivers of the market’s weak performance.

However, market breadth closed positive with 35 gainers and 14 losers on the floor of the Exchange.

Industrial and Medical Gases led the gainers table by 10 per cent to close at N26.40; and Chams followed with 9.95 per cent to close at N2.32 per share.

Oando gained 9.94 per cent to close at N57.85; Livestock Feed Plc rose by 9.91 per cent to close at N2.24; and Eterna Plc advanced by 9.84 per cent to close at N27.90 per share.

Neimeth International Pharmaceuticals led the losers’ table by 9.09 per cent to close at N2, while Tantalizers trailed by 8.64 per cent to close at 74k per share.

MTN Nigeria lost 7.91 per cent to close at N184; Thomas Wyatt dropped 7.06 per cent to close at N1.58; while Jaiz Bank shed 6.25 per cent to close at N2.25 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions lowering by 19.59 per cent.

A total of 446.61 million shares valued at N4.53 billion were exchanged in 10,148 deals, compared to 443.16 million shares valued at N5.64 billion traded in 8,493 deals posted previously.

On the activity chart, Universal led in volume with 52.60 million shares valued at N18.78 million; while Japaul Gold followed with 51.80 million shares worth N145.32 million to lead the chart in value.

Prestige sold 35.82 million shares valued at N19.53 million; Tantalizers traded 35.14 million shares worth N28.22 million; and Chams transacted 28.73 million shares worth N65.52 million.

Rukayat Adeyemi

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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