Equity market loses N193.156bn

Trading session at the  Nigerian Exchange (NGX) yesterday ended on a negative note, leading to a decline of 336.26 points.

Market capitalization dropped by N193.16 billion to settle at N55.45 trillion, down from the previous value of N55.65 trillion.

The market closed at 96,537.48 points, marking a 0.35% drop from the previous level of 96,873.74 points, reflecting bearish investor sentiment.

The negative trajectory was largely driven by the underperformance of key financial firms in the SWOOT sector, with OANDO’s 10% share price decline further contributing to the downturn.

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This follows OANDO’s remarkable entry into the trillion-naira stock category in the previous day’s trading.

Among the advancing stocks, DAARCOMM stood out, recording a notable 10% increase in its share price, outperforming 21 other gainers.

In contrast, OANDO led the 33 declining stocks, suffering a 10% decrease in value. OANDO also dominated the trading volumes and values, despite an overall reduction in both transaction volumes and values for the day.

The session concluded with 12,039 deals, a decrease from the previous session’s 12,532 transactions.

The market witnessed a notable contraction in trading volumes, with a significant 17.71% decline, as 83.77 million fewer shares were exchanged, bringing the total to approximately 389.23 million shares, down from 473 million in the previous session.

OANDO led the trading volumes with 37.18 million shares, followed closely by UNIVINSURE at 33.71 million shares. Other notable contributors included TRANSCORP with 29.02 million shares, FTNCOCOA at 22.74 million, and GTCO at 21.95 million shares.

On the value front, the market recorded a 21.43% drop in trade value, totalling N8.18 billion, down from the previous session’s N10.41 billion, marking a decrease of N2.23 billion.

OANDO also dominated in terms of trade value, posting N3.099 billion in transactions, followed by GTCO with N1.01 billion, ZENITHBANK at N411.11 million, CONOIL with N401.03 million, and ETERNA at N322.40 million.