Market capitalization fell by N35 billion yesterday as trading on the Nigerian Exchange Limited (NGX) floor stopped gains to close on a dip.
The market capitalization of listed stocks fell by 0.06 percent to N56.469 trillion at the close of business yesterday, from N56.504 trillion the day before.
In addition, the All Share Index decreased by 62.98 basis points to 99845.91 points from Wednesday’s trading of 99908.89 points. Following an analysis of the activity, Guinness Nigeria Plc emerged as the top gainer, closing at N55 with 10% of the market.
Morison gained 9.73 percent to close at N3.72 kobo, while Neimeth International Pharmaceutical trailed with a gain of 9.76 percent to close at N1.80 kobo. To conclude at N1.41 kobo, International General Insurance added 9.30 percent. In addition, Regal Insurance saw an 8.33% boost, closing at 39 kobo.
SUNU Assurance lost 8.20 percent to close at N1, while United Capital dropped 9.73 percent to close at N18.10 kobo, Conhall Plc dropped 9.70 percent to close at N1.21 kobo, CWG dropped 9.52 percent to close at N5.70 kobo, Chams Plc dropped 9.14 percent to close at N1.69 kobo, and CWG dropped 9.52 percent to close at N5.70 mobo.
Analysts from Vetiva Dealings and Brokerage predicted the following factors to influence the market in the upcoming trading session: “WTD loss is at 2.41 percent, with the majority of this week’s negative performance coming from the banking industry. A gradual recovery is to be expected, with another negative weekly closing.”
Investdata Consulting Limited stated: “Therefore, investors should target companies with consistent track records of dividend payment, strong fundamentals, and growth prospects that will support further growth in earnings, which price feeds on in any market cycle.”
As investors traded 285.905 million shares valued at N5.542 billion in 7726 deals, compared to 322.655 million shares worth N5.820 billion that changed hands in 9074 deals, the volume of transactions also decreased by 36.75 million, or 11.39 percent.
Market activity was driven by transactions involving AccessCorp shares, which accounted for 43.979 million shares valued at N766.170 million. GTCO Plc shares, priced at N1.141 billion, stood second. Transnational Corporation of Nigeria exchanged 22.007 million shares worth N795.983 million, while United Bank for Africa traded 28.445 million shares for N649.954 million.
