Equities Market Plunges 3.23% As Market Capitalization Closes At N25.74trn
The equities market of the Nigerian Exchange Limited (NGX) has continued their losing streak as the All-Share Index plunged 3.23per cent, the most in a single day since 12 March 2020, to close at 47,259.27 basis points – the lowest level in almost six months (12 April).
NewsBeatng reports that selloffs in the two NGX-listed telecom stocks, Airtel Africa Plc (-10.00per cent), which suffered its most significant decline since July 9, 2021, and MTN Nigeria (-1.20per cent), weighed heavily on the overall market.
As a result, the ASI’s year-to-date (YTD) return fell to 10.63per cent, while the market capitalization shed N859.18billion to close at N25.74trillion.
Analysis of Thursday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions increasing by 13.39per cent.
A total of 140.67m units of shares valued at N2.52billion were exchanged in 4,371 deals. GTCO (-2.02per cent) led the volume chart with 27.73million units traded, while Geregu (+9.91 per cent) led the value chart, for the second consecutive session, in deals worth N586.76million.
Market breadth closed negative at a 1.64-to-1 ratio, with declining issues outnumbering advancing ones. Airtel Africa (-10per cent) led 22 others on the laggard’s table, while Geregu (+9.91 per cent) topped 13 others on the gainer’s log.