: Zenith Bank and FBN Holdings Among Major Contributors
Thank you for reading this post, don't forget to subscribe!Lagos, Sept. 27, 2024 (NAN) — The Nigerian Exchange Ltd. (NGX) continued its downward trend on Friday, posting a 0.07 percent loss, equivalent to N37 billion, primarily due to sell-offs in major banking stocks.
Opening with a market capitalisation of N56.615 trillion, the NGX shed N37 billion, closing at N56.578 trillion. The All-Share Index (ASI) also dropped by 0.07 percent, or 65 points, ending the day at 98,458.68 points, down from 98,523.56 points. Year-to-date returns now reflect a decrease of 31.68 percent.
The market’s decline was influenced by notable selling pressure in companies like Zenith Bank, FBN Holdings, and FCMB Group, along with consumer goods giants International Breweries and Unilever.
Market breadth ended negatively, with 26 losers compared to 21 gainers on the exchange floor. Caverton led the losses, down 9.76 percent to close at N2.68, while Northern Nigeria Flour Mills trailed with a 9.50 percent decline, closing at N31.90 per share. Other significant losers included UPL, down 8.85 percent to N2.37, McNichols, which dropped 8.57 percent to N1.60, and International Breweries, losing 6.96 percent to end at N4.01 per share.
Conversely, Beta Glass topped the gainers’ list, up 10 percent to close at N48.96, followed by Meyer Plc with a 9.93 percent increase to N7.75 per share. Deap Capital Management and Trust Plc advanced by 9.90 percent to N1.11, while Ellah Lakes Plc gained 9.82 percent, closing at N4.92 per share. Abbey Mortgage Bank Plc also saw a rise of 9.65 percent, closing at N2.50 per share.
Analysis of market activities revealed a higher trade turnover compared to the previous session, with transaction values increasing by 0.72 percent. A total of 797.21 million shares valued at N6.66 billion were exchanged in 7,764 deals, compared to 344.36 million shares worth N6.61 billion traded in 9,005 deals on Thursday. Notably, Japaul Gold led in both volume and value, trading 591.19 million shares worth N1.47 billion.
