Nigerian Exchange Group (NGX): Following losses in several blue-chip companies, particularly FBN Holdings (FBNH) and Access Bank, the Nigerian Exchange Limited (NGX) maintained a sliding profile at the conclusion of yesterday’s operations, resulting in a further N191 billion decline in market capitalization.
 The all-share index (ASI) closed at 104,181.32 points after losing 336.82 points, or 0.32 percent. In addition, the market capitalization decreased by N191 billion, ending at N58.905 trillion.
Price declines of major and medium-capitalized companies, such as those of FBN Holdings (FBNH), Access Holdings, Stanbic IBTC Holdings, NEM Insurance, and Guaranty Trust Holding Company (GTCO), were the primary cause of the fall.
United Capital Plc analysts stated: “With the recent release of a flurry of full-year 2023 audited financial statements and corporate actions, we expect bargain-hunting activities to continue.”
“We anticipate further bullish sentiments toward equity investments at various intervals to be motivated by a sustained southward trend of short-term rates in the fixed income market.”
Market mood was good as indicated by market breadth, with 21 equities rising compared to 32 losses. University Press closed at N2.68 kobo, representing the biggest price gain of 9.84 percent.
Morison Industries gained 9.66 percent to close at N1.93 kobo, while SCOA Nigeria trailed after with a gain of 9.69 percent to close at N2.15 kobo.
Mutual Benefits Assurance increased by 9.38% to close at 70 kobo, while Cutix increased by 9.62% to close at N2.85 kobo.
However, Thomas Wyatt Nigeria trailed with a drop of 9.63 percent to conclude at N1.97 a share, while International Energy Insurance and Caverton Offshore Support Group led others on the losers’ chart with 10 percent each to close at N1.44 and N1.62, respectively.
Tantalizers saw a 9.52 percent depreciation to conclude at 38 kobo per share, while NEM Insurance lost 9.60 percent to close at N8.95. With 10,364 trades and 405.026 million units moved, worth N8.908 billion, the overall traded volume fell by 25.75 percent.
Access Holdings transactions accounted for the majority of the activity, with 50 million shares trading for N1.242 billion. Transnational Corporations (Transcorp) traded 45.947 million shares valued at N612.799 million, while United Bank for Africa (UBA) came in second with an account of 49.006 million shares worth at N1.370 billion. Guaranty Trust Holding Company traded 29.703 million shares worth N1.569 billion, while Zenith Bank traded 41.877 million shares worth N1.864 billion.
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