Nigerian Exchange NGX Loses N648 Billion in Market Value

On Wednesday, the Nigerian Exchange NGX experienced a bearish trend, shedding N648 billion in market capitalization, which decreased from N159.992 trillion to N159.344 trillion, marking a decline of 0.41 percent. The NGX All Share Index also fell by 1,004.38 basis points, closing at 246,980.17 points, down from 247,984.55 points the previous day.

This negative performance was influenced by losses in shares of several companies, including FirstHoldco (NGX: FIRSTHOLDCO), GTCO Plc (NGX: GTCO), Zenith Bank (NGX: ZENITHBANK), HBMNG (NGX: HBMNG), and Dangote Sugar (NGX: DANGSUGAR), among others. The market breadth was negative, with 23 advancers compared to 45 decliners, bringing the year-to-date return to 58.71 percent.

Trading volume increased by 129.127 million shares, a rise of 20.50 percent, with a total of 758.87 million shares traded. The value of transactions rose by 2.214 percent, settling at N33.79 billion.

Lasaco Insurance led the gainers with a 10 percent increase, while Legend Internet (NGX: LEGENDINT) and Cornerstone topped the losers, each dropping by 10 percent.