In a recent turn of events on the Nigerian Exchange Limited (NGX), the stock market witnessed a downturn, marked by a drop of 183.88 points in the NGX All-Share Index, bringing it to a close at 103,952.47 points. This decline, compared to the previous closing level of 104,136.35 points, has sparked concerns among investors, leading to a loss of N103.97 billion in market capitalization.
The decrease in market capitalization reflects a dent in investor confidence, signaling a cautious sentiment towards the equity markets. The total market capitalization, which stood at N58.88 trillion, dwindled to N58.78 trillion, highlighting the impact of the market downturn.
Financial sector stocks bore the brunt of the decline, with most witnessing a downturn in their values. Notably, Zenith Bank stood out as an exception amidst the market turmoil. Conversely, MTNN’s market value loss contributed to the overall decline in market performance.
Despite the prevailing caution, there were glimpses of optimism in the market. ABBEYBDS emerged as a top performer, witnessing a remarkable 10% increase in its stock price, among 27 gainers. However, UPDC experienced a significant setback, with its stock plummeting by 10%, ranking it among the day’s largest decliners.
In terms of trading volume and value, GTCO took the spotlight, attracting significant attention from investors. The volume of shares traded rose to 374.41 million units, a 22.03% increase from the previous session, with a total value of N11.29 billion.
Looking at market indices, the NGX All-Share Index recorded a day change of -0.18%, fluctuating between 103,933.86 points and 104,247.51 points. Year-to-date percentage remained at +39.02%, indicating the overall positive trajectory of the market despite the recent downturn.
Within the SWOOT group, Zenith Bank emerged as the sole member to witness a market value increase, while others like FBN Holding, GTCO, and MTNN experienced declines. Notably, other SWOOT group constituents demonstrated resilience against market volatility.
Among leading banks, FBN Holdings, Access Holdings, and GTCO saw declines in their stock values, while Zenith Bank and UBA bucked the trend with market worth increases, providing a glimmer of hope amidst the market uncertainty.
Credit: Nairametrics (Text Excluding Headline)
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