FirstHoldco, MTN Losses Drag NGX Index, Investors Lose N352bn
FirstHoldco, MTN Nigeria losses dragged the Nigerian Exchange (NGX) downward on Wednesday, with the All-Share Index (ASI) falling on Wednesday to 165,164.38 points.
Details obtained from the local exchange showed that the trading session ended negatively, while details showed that the market index declined by 0.33% to settle at 165,164.38 points.
Stock market capitalisation reduced by N351.75 billion to close at N105.74 trillion as a result of the activities of sell-side actors in the local bourse.
This turnout was predominantly driven by sell-offs in MTNN (-1.38%), INTBREW (-3.45%), and FIRSTHOLDCO (-2.23%) as the market anticipates top companies’ earnings release.
NGX data showed that market breadth printed at 0.84x reflected the weakness in market sentiment, as 37 losers outstripped the 31 gainers. Overall, DEAPCAP (+9.97%) emerged as the best performer, while RTBRISCOE (-9.97%) led the laggards.
Trading activity metrics diverged as total volume traded increased by 29.0% to 623.2 million units, while total value traded declined by 4.8% to N16.5 billion, respectively.
Notably, NEIMETH topped the volume chart with 58.1 million units (9.3% of volume traded) trading on the board, while ZENITHBANK led the value log with trades worth N2.3 billion (13.9% of value traded).
Sectoral performance was broadly bearish. The Insurance (-1.32%) index led this negative charge, followed by the Consumer Goods (-0.49%), Banking (-0.44%), and Oil & Gas (-0.04%) indices which were dragged by NEM (-6.68%), INTBREW (-3.45%), FIRSTHOLDCO (-2.23%), and OANDO (-1.13%), respectively. However, the Commodity and Industrial Goods indices were unchanged.
