Market capitalization falls N857bn due to sell-offs

Bisola David
Bisola David
Market capitalization falls N857bn due to sell-offs

The Nigerian Exchange’s market capitalization fell for the second time this year, losing N857 billion to close at N56,425 trillion due to sell-offs.

The PUNCH reported that the All-Share Index fell 1.49 per cent on Tuesday, closing at 103,110.15 points.

The first loss of the year happened in January 10,  with the market capitalization falling by around N638 billion to close at N44.885 trillion.

AccessCorp, Caverton, Guinea Insurance, Linkage Assurance, Axa Mansard, Nascon Allied Industries, and Sterling Financial Holding Company all saw a 10% drop.

The gainers included real estate firm, UPDC, and Geregu Power, which achieved a 74.11 per cent growth in revenue to N82.91 billion from N47.62 billion at the end of 2022, its highest revenue in the last five years.

Furthermore, trading activity levels on the NGX exhibited a downward trend, with significant drops in total number of deals, traded volume, and value for the day.

Total deals fell by 8.23% to 14,579 trades, while traded volume and value fell by 5.94% to 648.95 million units and 57.26 per cent to N11.09 billion, respectively.

Across the sectoral front, sentiment was generally negative, with NGX Banking (-6.73%), NGX Insurance (6.44%), NGX Consumer Goods (-2.59%), NGX Oil/Gas (-0.58%), and NGX Industrial Goods (-0.39%) all declining.

At the end of the session, JapaulGold emerged as the most traded security in terms of volume, with 59.80 million units across 498 trades, while the United Bank for Africa led in traded value at N1.23bn.

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