The market capitalization of the Nigerian Exchange (NGX) fell by another N148 billion, expanding the bearish trend to two trading sessions.
The market capitalization, which opened at N20.487trillion, fell by N148billion, or 0.72 percent, to N20.339trillion at the close.
In addition, the All-Share Index fell 283.95 points, or 0.72 percent, to 39,022.52, down from 39,306.47 on Monday.
Price depreciation in large and medium capitalized stocks, such as BUA Cement, Portland Paints, SCOA, FBN Holdings, and Zenith Bank, drove the market down. As a result, the market mood ended up being negative, with 16 gainers and 22 losers.
Portland Paints & Products, which closed at N2.47 per share, led the losers’ chart in percentage terms with a loss of 9.85 percent. Champion Breweries are next, down 9.68 percent to N1.96, while SCOA was down 9.30 percent to N1.95 per share. Regency Alliance Insurance fell 8.11 percent to 34 dollars per share, while SUNU Assurances fell 7.41 percent to 50 dollars per share.
Regency Alliance Insurance fell 8.11 percent to 34 dollars per share, while SUNU Assurances fell 7.41 percent to 50 dollars per share.
Associated Bus Company and The Initiates, on the other hand, topped the gainers’ list in percentage terms, gaining 10% each to close at 44k per share. Following that, Eterna gained 9.93% to close at N7.97 per share.
Wema Bank gained 5.45 percent to close at 58k per share, while Transcorp Hotels gained 9.85 percent to close at N3.57. In addition, the number of shares traded fell by 42.8 percent, with investors buying and selling 204.65 million shares worth N1.84 billion in 3,940 transactions.
On Monday, 357.69 million shares worth N3.56 billion were traded in 4,394 transactions. With 27.12 million shares priced at N5.47 million, transactions in the shares of Courteville Business Solutions topped the operation list. Fidelity Bank came in second with 23.41 million shares worth N54.21 million, and Zenith Bank came in third with 18.55 million shares worth N435.53 million.
Transcorp sold 10.91 million shares worth N9.59 million, while Access Bank sold 11.49 million worth N94.61 million.