Business and Economy

NGX All-Share Index declined by 120 bps on Wednesday

The Nigerian equities sustained the bearish run as the benchmark index lost 1.20% to close at 98,121.30 points. Renewed Investors interest in blue-chip ZENITHBANK (+1.67%), GTCO (+0.70%) and FCMB (+9.23%) was preponderated by selloff in telco heavyweight MTNN (-10.00%) alongside TRANSCOHOT (-10.00%) and  FBNH (-9.82%), leaving the market in the red. The year-to-date (YTD) return slipped to 31.22%, as market capitalization shed ₦673.16bn to close at ₦55.49trn.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 22.10%. A total of 395.75m shares valued at ₦9.58bn were exchanged in 7,907 deals. GTCO (+0.70%) led the volume and value chart with 81.41m units traded in deals worth ₦2.93bn.

Market breadth closed positive at a 1.05-to-1 ratio with advancing issues outnumbering the declining ones. NEIMETH (+10.00%) topped nineteen (19) others on the leader’s table while MTNN (-10.00%) eighteen (18) others on the laggard’s log – Coronation Securities

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