BUSINESS

NGX: Overall Market Capitalization Value Drops By N418bn

The equities market of the Nigerian Exchange Limited (NGX) carried on last week’s bearish sentiments, as losses in MTN Nigeria Communication Plc (-6.7per cent) and Zenith Bank (-0.5per cent) triggered a 1.5per cent decline in the benchmark index.

Thus, the All-Share Index settled at 51,120.94 basis points points. Accordingly, the Month-to-Date and Year-to-Date returns printed -5.7per cent and -0.3per cent, respectively.

Similarly, the overall market capitalisation value lost N418 billion to close at N27.850 trillion from N27.850trillion it closed for trading last week.

The market breadth was negative as 18 stocks lost relative to 16 gainers.

On the other hand, Ikeja Hotel recorded the highest price gain of 9.48 per cent to close at N1.27, per share. Transnational Corporation (Transcorp) followed with a gain of 9.47 per cent to close at N1.85 and Consolidated Hallmark Insurance up by 8.77 per cent to close at 62 kobo, per share.

International Energy Insurance led the losers’ chart by 6.98 per cent to close at N1.20, per share. MTNN followed with a decline of 6.67 per cent to close at N224.00, while Transcorp Hotels lost 5.80 per cent to close at N6.50, per share.

The total volume traded fell by 58.19 per cent to 226.594 million units, valued at N1.568 billion, and exchanged in 4,373 deals. Transactions in the shares of Transcorp topped the activity chart with 107.213 million shares valued at N162.832 million.

Fidelity Bank followed with 39.308 million shares worth N206.008 million, while United Bank for Africa (UBA) traded 22.603 million shares valued at N190.356 million.

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Zenith Bank traded 20.614 million shares valued at N521.286 million, while FCMB Group transacted 12.611 million shares worth N47.830 million.

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