NGX Drops by N541bn as Investors Dump MTN, Zenith Bank
The Nigerian Exchange (NGX) lost more than N541 billion as investors dumped MTN Nigeria and Zenith Bank shares in a last-minute sell-off. The All-Share Index (ASI) closed the week in red, down 33 basis points, as profit-taking hit large-, mid-, and small-cap stocks.
Notable decliners included HBMNG (2.48%), MTNN (1.53%), DANGSUGAR (0.99%), and ZENITHBANK (2.17%), among others. The market index fell 833.37 basis points, down 0.33%, to close at 248,877.22, while Market Capitalisation fell by ₦541.10 billion to ₦161.59 trillion.
As a result, the overall market posted a negative week-on-week performance as NGX-ASI fell 2.13%, while investors’ wealth declined by about ₦3,520.64 billion.
Additionally, total trade volume and total value traded fell by 55.90% and 63.74%, respectively. Traders transacted approximately 377.66 million units, valued at ₦26,865.30 million, across 32,666 deals.
GTCO drove volume, accounting for 11.11% of all shares traded on the local bourse, followed by HONYFLOUR (8.67%), UBA (7.03%), ZENITHBANK (6.35%), and ACCESSCORP (6.04%). GTCO also accounted for 18.91% of all transaction value on NGX today, making it the exchange’s highest-traded stock.
CHAMPION and WAPIC led the gainers chart, up 10.00% each, followed by HONYFLOUR (+9.87%), SOVRENINS (+9.55%), MANSARD (+9.26%), AUSTINLAZ (+7.14%), TIP (+6.96%), and twenty-two others.
A total of twenty-three stocks depreciated. PZ led the decliners, down 9.94%, followed by ABCTRANS (-8.06%), AFRIPRUD (-6.07%), TANTALIZER (-5.26%), UPL (-5.15%), and VFDGROUP (-4.84%). Hence, market breadth closed positive, with 29 gainers and 23 losers.
Sectoral performance was negative today, with three of the five major market sectors down. The Banking sector fell 0.77%, followed by Industrial goods (-0.33%) and Consumer goods (-0.09%). The Insurance and Oil & Gas sectors rose by 3.34% and 0.12%, respectively. Wall Street, FTSE 100 Surge as AI Shares Gain Momentum
