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Wednesday, May 22, 2024

Sell-offs in Airtel, others drag market capitalisation down by N500bn

Opening the week, the Nigerian Exchange Ltd.(NGX) market capitalisation on Monday dropped by 0.89 per cent to close at N55.823 trillion.

Specifically, the market capitalisation declined by N500 billion or 0.89 per cent to close at N55.823 trillion as against N56.323 trillion recorded on Friday.

The All-Share Index, which opened at 99,587.25, also shed 0.89 per cent or 884 points to close at 98,703.68.

As a result, the Year-To-Date (YTD) slipped to 32 per cent.

Sell-offs in Airtel Africa, Transnational Corporation, Stanbic, Nigerian Breweries and Nigerian Aviation Handling Company(NAHCO), among other declined equities, pulled the market down.

However, market breadth closed positive with 39 gainers and 18 losers on the floor of the Exchange.

On the gainers’ table, Cornerstone Insurance and Guinea Insurance led by 10 per cent each to close at N1.98 and 33k per share, respectively.

NASCON and Oando Plc rose by 9.94 per cent each to close at N47 and N9.95, while Wema Bank went up by 9.24 per cent to close at N7.55 per share respectively.

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On the other hand, Airtel Africa led the losers’ table by 10 per cent to close at N1,980, Berger Paints trailed by 9.85 per cent to close at N12.35 per share.

Industrial & Medical Gases shed 9.82 per cent to close at N12.40, International Energy Insurance dropped 9.35 per cent to close at N1.26, while International Breweries declined by 9 per cent to close at N4.35 per share.

Also, the analysis of the market activities showed that trade turnover was higher than the previous session, with the value of transactions up by 26.10 per cent.

Investors traded a total of 421.73 million shares valued at N8.95 billion in 10,624 deals, compared to 446.57 million shares valued at N7.10 billion, exchanged in 9,297 deals posted in the previous session.

Access Corporation led the activity chart in volume and value with 98.24 million shares worth N1.76 bilion, United Bank of Africa(UBA), followed by 40.39 million shares valued at N1.07 billion.

Guaranty Trust Holding Company (GTCO) sold 35.90 million shares valued at N1.49 billion, while Universal Insurance transacted 30.39 million shares worth N11.39 million.

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Also, Zenith Bank traded 26.90 million shares worth N982.15 million.(NAN)

Rukayat Adeyemi
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