NGX All-Share Index extends decline by 2.31% on Wednesday

In its third session of week, the benchmark index slid further by 2.31% to settle at 44,318.15 points – the lowest point since 11 January. Extended selloffs in telco heavyweight, AIRTELAFRI (-10.00%) as well as MTNN (-2.01%) were the major drivers of the market’s weak performance. In addition, losses in Tier-1 banking names, ZENITHBANK (-0.25%)  GTCO (-0.54%) and UBA (-0.71%) contributed to keep the market in the red. Consequently, the year-to-date (YTD) return fell to 3.75%, while the market capitalization shed ₦570.74bn to close at ₦24.14trn. 

Analysis of today’s market activities showed that trade turnover settled higher relative to the previous session, with the value of transactions up by 1.36%. A total of 165.35m units of shares valued at ₦3.67bn were exchanged in 3,183 deals. FBNH (+1.57%) led the volume chart with 48.09m units traded while AIRTELAFRI (-10.00%) led the value chart in deals worth ₦1.15bn.

Market breadth closed positive at a 1.1-to-1 ratio, with advancing ones outnumbering declining ones. FIDELITYBK (+9.74%) led fifteen (15) others on the gainer’s table, while AIRTELAFRI (-10.00%) topped fourteen (14) others on the laggard’s log.