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NGX halts gaining streak, loses N216.28bn

NGX

By Temitope Adebayo

The equities market of the Nigerian Exchange Limited (NGX) on Wednesday ended its four-day gaining streak, as market capitalization declined by N216.28billion to close at N28.43trillion, compared to closing figure of N28.64trillion recorded on Tuesday.

Also, the domestic bourse benchmark index shed 0.75 per cent to close at 52,209.06 points, as against 52,605.78 points declared at the close of second trading session of the week.

Statistics from the NGX, showed that selloffs in industrial heavyweight, BUACEMENT (-8.02%) as well as ZENITHBANK (-0.41%) and STANBIC (-1.33%) underpinned the market’s weak performance despite gains in MTNN (+0.04%), BUAFOODS (+2.63%) and ACCESSCORP (+4.95%).

Consequently, the year-to-date (YTD) return fell to 1.87 per cent, while turnover settled lower relative to the previous session, with the value of transactions down by 16.48 per cent.

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A total of 554.31m shares valued at N5.96billion were exchanged in 5,168 deals. ACCESSCORP (+4.95%) led volume and value charts with 139.29m units traded in deals worth N1.47billion.

Market breadth closed positive at a 1.69-to-1 ratio with advancing issues outnumbering declining ones. ARDOVA (+10.00%) topped twenty-six (26) others on the leader’s log while BUACEMENT (-8.02%) topped fifteen (15) others on the laggard’s table.

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