Following a two-day Easter break, the Nigerian Exchange Ltd. (NGX) experienced a significant drop of 13.81% in transaction value on Tuesday. Market analysis indicated a decrease in trade turnover compared to the previous session, with several notable stocks experiencing fluctuations.
The trading session saw a total of 545.49 million shares valued at N14.61 billion being exchanged in 12,747 deals. This was a decline from the 623.08 million shares valued at N16.95 billion traded in 10,257 deals on the preceding Thursday. Notably, Guaranty Trust Holding Company (GTCO) led in both volume and value, with 84.65 million shares traded worth N4.48 billion.
Other significant trades included Access Corporation, which sold 68.89 million shares worth N1.73 billion, and United Bank of Africa (UBA), which traded 65.49 million shares valued at N1.83 billion. Zenith Bank also had a notable trading volume, with 62.59 million shares worth N2.77 billion, while Transnational Corporation transacted 27.43 million shares valued at N383.63 million.
Consequently, the market capitalization shed N25 billion, closing at N59.095 trillion, a decrease from N59.120 trillion previously. The All-Share Index also dropped by 0.04% or 44 points, settling at 104,518.14, compared to 104,562.06 in the previous session. As a result, the Year-To-Date (YTD) return slipped to 39.78%.
Market performance was influenced by losses in shares of FBN Holdings, Stanbic IBTC, Transnational Corporation, Julius Berger, and other top losers. However, market breadth closed positively with 23 gainers and 17 losers.
Notable gainers included May and Baker Nigeria Plc, Ikeja Hotel, Chams, Unity Bank, and AIICO Insurance, while UAC of Nigeria Plc, Julius Berger, ABC Transport, Universal Insurance, and UPDC Real Estate Investment Trust were among the top losers.
The decline in transactions following the Easter break reflects the ongoing volatility in the Nigerian stock market. Investors will be closely monitoring market trends and company performances in the coming days to make informed decisions.
Credit: News Agency of Nigeria (NAN) Text Excluding Headline
