BUSINESS NEWS: - Market value shrinks by N132.858bn amid sell pressure on heavyweight stocks

Market value shrinks by N132.858bn amid sell pressure on heavyweight stocks.

Sell pressure on the stocks of three of Nigeria’s four biggest companies by market capitalisation —Dangote Cement, MTNN and BUA Cement —led the equity market to close on a negative note on Tuesday.

It has now been three days in a row during which the market has not recorded a gain and it is probable that the downtrend will last a little longer considering the daily momentum of loss.

The market breadth was negative today as 15 losers emerged against 14 gainers. The All Share Index (ASI) dropped by 1.06% to end the day at 23,695.90. Market capitalisation closed at N12.349 trillion, shedding N132.858 billion.

Year to date, the index is down by 11.72%.


Neimeth topped the gainers’ chart today, appreciating by 10% to close at 0.66%. NPF Microfinance Bank added up 9.76% to end today’s trade at N1.35. Eterna went up by 9.44% to N2.55. McNichols leapt to N0.50, notching up 8.70% in the process. McNichols completed the top 5, climbing up by 6.25% to N5.10.


Caverton led losers at Thursday’s trade, declining by 10% to close at N2.43. Arbico shed 9.73% to end today’s trade at N2.32. Afromedia fell to N0.31, losing 8.82%. Lasaco slumped to N0.25, recording 7.41% depreciation. Wapic closed at N0.28, going down by 6.67%.


155.746 million shares estimated at N1.675 billion were traded today in 4,005 deals.

FBN Holdings led trade with 27.845 million units of its stocks worth N133.592 million traded in 282 trades. 16.621 million units of UACN shares priced at N114.710 million exchanged hands in 94 transactions. GTB had 14.971 million shares valued at N314.694 million traded in 317 deals. Zenith Bank traded 9.172 million shares estimated at N138.342 million in 321 transactions. Mutual Benefit traded 8.054 million shares valued at N1.611 million in 10 deals.

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