Wednesday, February 28, 2024
HomeBusinessMarket cap sheds N857bn over sell-offs

Market cap sheds N857bn over sell-offs

The market capitalisation of the Nigerian Exchange recorded its second dip this year as it shed N857bn to close at N56,425tn on the back of sell-offs.

The All-Share Index went down by 1.49 per cent on Tuesday to close at 103,110.15 points.

On January 10, the market recorded its first loss in the New Year as the market cap dipped by about N638bn to close at N44.885tn.

AccessCorp, Caverton, Guinea Insurance, Linkage Assurance, Axa Mansard, Nascon Allied Industries and Sterling Financial Holding Company lost 10 per cent each.

The gainers included real estate firm, UPDC,  Geregu Power, which recorded a 74.11 per cent increase in its revenue to N82.91bn from N47.62bn as of the end of 2022, its highest revenue in the last five years.

More so, trading activity levels on the NGX showed a negative trend, with notable decreases in the total number of deals, traded volume and value for the day.

Total deals decreased by 8.23 per cent to 14,579 trades, while the traded volume and value dropped by 5.94 per cent, reaching 648.95 million units, and 57.26 per cent to N11.09bn, respectively.

Across the sectoral front, the sentiment was predominantly negative with NGX Banking (-6.73 per cent), NGX Insurance (6.44 per cent), NGX Consumer Goods (-2.59 per cent), NGX Oil/Gas (-0.58 per cent) and NGX Industrial Goods (-0.39 per cent) dipping.

At the close 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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