Stock market crashes by N42bn

dealers at the nigeria stock exchange

By Olawunmi Ashafa

The Nigerian Exchange Ltd. (NGX) ended trading negative on Monday as market capitalisation lost N42 billion or 0.17 per cent to close at N23.877 trillion from N23.918 trillion posted the previous trading day.

The All-Share Index (ASI) also declined  by 73.56 basis points or 0.17 per cent to close at 43, 839.08 from 43,912.64 on Friday.

The loss was due to continued selloffs of stocks of MTN Nigeria, Zenith Bank and Guaranty Trust Holding Company ( GTCO).

The ASI’s year-to-date (YTD) return fell to 2.67 per cent.

Market sentiment, as measured by market breadth, was negative, as 17 stocks lost relative to 14 seven gainers.

NAHCO recorded the highest price gain of 9.88 per cent to close at N5.67 per share.

Courteville Business Solutions followed with a gain 8.7 per cent to close at 50k while NEM Insurance appreciated by 6.67 per cent to close at four kobo, per share.

Fidelity Bank went up by 2.44 per cent to close at N4.40, while Transcorp gained 1.90 per cent to close at N1.07 per share.

On the other hand, International Breweries led the losers’ chart by 9.78 per cent to close at N4.15.

Livestock Feeds followed with a decline of 9.73 per cent to close at N1.02 and Japaul Gold and Ventures shed 9.68 per cent to close at 28k per share.

Ecobank Transnational Incorporated (ETI) lost 9.55 per cent to close at 95k, while Chams shed 7.41 per cent to close at 25k per share.

The total volume of trades declined by 21.13 per cent to 161.08 million units, valued at N3.47 billion and exchanged in 4,258 deals.

Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 47.85 million shares valued at N13.41 million.

Pharma Deko followed with 22.64 million shares worth N41.88 million, while Transnational Corporation of Nigeria Transcorp traded 8.88 million shares valued at N9.59 million.

Fidelity Bank traded 7.86 million shares valued at N30.05 million, while Access Holdings transacted seven million shares worth N54.18 million. 

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