Business a.m.
The Nigerian Exchange (NGX) witnessed a decline on Wednesday as the benchmark index dropped by 0.16 percent to close at 98,128.00 points.
The negative performance was primarily driven by sell pressure on GTCO (-3.55%), ZENITHBANK (-4.62%), and FBNH (-0.44%). Consequently, the year-to-date (YTD) return fell to 31.23 percent, while market capitalisation decreased by N89.00 billion, closing at N55.51 trillion.
An analysis of the day’s market activities indicated a higher trade turnover compared to the previous session, with the value of transactions increasing by 5.56 percent. A total of 271.71 million shares, valued at N5.43 billion, were exchanged in 7,383 deals.
ACCEESSCORP (+0.29%) led the volume chart with 35.58 million units traded, while GTCO (-3.55%) topped the value chart in deals worth N1.35 billion. The increased activity in the market suggests an average level of investor participation, albeit with a focus on specific stocks.
The market breadth closed with a negative 0.71-to-1 ratio, indicating that declining issues outnumbered advancing ones. MULTIVERSE (-9.82%) led the laggard’s table, with twenty (20) other stocks experiencing declines. On the other hand, TANTALIZER (+8.00%) topped the leader’s log, accompanied by fourteen (14) other stocks that managed to close the day with positive gains.
