Continued selloffs in Tier-1 banking names STANBIC IBTC HOLDINGS PLC (-3.3%), ZENITH BANK PLC (-1.6%), GUARANTY TRUST HOLDING COMPANY PLC (-1.7%) and ACCESS HOLDINGS PLC (-1.32%) were the key factors responsible for Wednesday’s bearish close.
Consequently, the All-Share Index dipped by 0.09% to close at 48,836.70 points while the market capitalisation gained ₦226.56bn to close at ₦26.60trn.
This is in comparison to yesterday’s benchmark index which stood at 48,879.74 basis points with the market capitalisation closing at ₦26.37trn.
The gain in the market capitalisation is being attributed to positive activities on the newly-listed GEREGU, which gained 10.00%.
The NGX listed by introduction Geregu Power Plc (“GEREGU”) on the Main Board of The Exchange on Wednesday, 5 October 2022 and a total of 2.5 billion ordinary shares of Geregu were listed at N100 per share, under the Utilities sector and Electric Power Generation sub-sector of NGX, making it the 15th largest on the index by market capitalisation.
The total volume traded declined to 135.52 million units, valued at ₦2.22bn billion, and exchanged in 4,041 deals.
CHAMS HOLDING COMPANY PLC was the most traded stock by volume at 25.50 million units, while the newly listed Geregu Power Plc (GEREGU) was the most traded stock by value at ₦935.00 million.
As measured by market breadth, market sentiment was negative with 22 stocks losing relative to 13 gainers.
CADBURY NIGERIA PLC (-9.9%) and N NIG. FLOUR MILLS PLC. (-9.3%) recorded the highest losses of the day, while Geregu Power Plc, GEREGU (+10.0%) and MULTIVERSE MINING AND EXPLORATION PLC(+9.9%) topped the gainers’ list.
Sectoral performance was mixed, as the Banking (-1.0%), Consumer Goods (-0.2%), and the Oil & Gas (-0.1%) indices recorded losses, while the Industrial Goods index closed flat. The insurance (+0.2%) index was the sole gainer of the day.
Hauwa Abu
