Business and Economy

Stock Market Turbulence: Selloffs in Majors Cause a 136-Point Plummet

The Nigerian Stock market concluded the week with a 136 basis points decline. Throughout the week, the main drivers of the poor performance were selloffs in AIRTELAFRI (-10.32%), ZENITHBANK (-1.73%), and FBNH (-7.41%), outweighing gains in MTNN (+2.33%), GTCO (+8.79%), and UBA (+2.33%). Consequently, with losses in four out of five trading sessions this week, the ASI year-to-date return dropped to 31.37%, while the market capitalization decreased by ₦761.40 billion to close at ₦55.56 trillion.

During today’s trading session, the NGX All-Share Index fell by 2 basis points to 98,233.76 points. Losses in FBNH (-0.40%), ACCESSCORP (-0.57%), and TRANSCORP (-2.70%) offset gains in GTCO (+3.63%) and UBA (+0.96%). As a result, the market capitalization decreased by ₦8.34 billion to close at ₦55.56 trillion today.

Trade turnover was 54.86% lower than the previous session, with 344.38 million shares valued at ₦7.52 billion in 8,497 deals. UBA (+0.96%) led both the volume and value table with 90.12 million units traded in deals worth ₦2.41 billion.

Market breadth ended positively with advancing issues outnumbering declining ones at a ratio of 1.04-to-1. HONYFLOUR (+9.97%) ranked first among twenty-four others on the leader’s table, while MANSARD (-10.00%) led twenty-three others on the laggard’s log.

In terms of sectoral performance, the NGX Industrial Goods Index recorded a marginal gain of 7 basis points, while the NGX 30 Index (-1.46%), the NGX Consumer Goods Index (-1.18%), the NGX Pension Index (-1.14%), the NGX Insurance Index (-1.01%), NGX Oil and Gas Index (-0.33%), and NGX Banking Index (-0.07%) closed in the negative territory.

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