Market Caps Drop N55.87tn as NGX Sustains Bearish Trend

The Nigerian Exchange trading activities were subdued leading to a marginal depreciation in the market capitalisation to N55.87tn.

At the close of trading on Wednesday, investors lost N1bn as the All-Share Index depreciated 0.002 per cent to 102,106.31 points.

The volume of trade slowed to 341.92 million units from 494.19 million units on Tuesday, and the value of traded units dropped by 15.68 per cent to N6.41bn.

Also, the number of trades dipped 17.82 per cent to 9,665 deals, after declining in the two previous trading days.

Market breadth, which is a measure of investors’ sentiments, remained negative as reflected in 19 gainers and 36 losers.

Meyer Plc led the gainers’ chart with a 10 per cent appreciation to close trading at N5.72; Tripple G gained 9.84 per cent to close at N4.13 and Juli Plc’s shares appreciated by 9.09 per cent to close at N0.84.

The losers’ table was led by AIICO Plc, whose shares depreciated by 9.92 per cent to close at N1.18; Cadbury Nigeria Plc dipped by 9.50 per cent to N21.90 and Guinea Insurance Plc, which announced a profit of N249.43m for the year ended 2023 after a N61.02m in 2022, saw its share price dip by 8.93 per cent to N0.51.

The volume and value drivers of the day’s market trend were led by Transcorp Plc, Guaranty Trust Holding Company Plc and FBN Holdings.