“NGX Investors Suffer N111 Billion Loss on Monday as ASI Falls”

The Nigerian Exchange Limited started the week on a downbeat note, with investors experiencing a loss of N111 billion on Monday.

The NGX market capitalization, which began the day at N55.394 trillion, fell by N111 billion to end at N55.283 trillion.

The All-Share Index also decreased by 0.24 percent, or 228 points, closing at 96,205.84 points compared to 96,433.54 points on Friday. Additionally, the Year-To-Date (YTD) return has dropped by 28.66 percent.

Despite this, the market breadth was positive, with 34 gainers and 20 losers.

The decline was primarily driven by Transnational Power and major banks such as Zenith Bank and Access Corporation.

On the upside, Eterna and Tantalizers led with gains of 10 percent each, closing at N33 and 77k per share, respectively. Oando rose by 9.95 percent to N89.50, FTN Cocoa increased by 9.93 percent to N1.66, and UACN went up by 9.81 percent to N22.95 per share.

Conversely, Julius Berger topped the losers’ list with a 10 percent drop to N153.45, followed by Transpower, which fell by 9.99 percent to N310.70 per share. McNichols lost 9.40 percent to close at N1.35, UPL declined by 8.99 percent to N2.43, and Cutix decreased by six percent to N2.82 per share.

Further market analysis revealed an increase in trade turnover compared to the previous session, with the value of transactions rising by 21.82 percent. Investors traded 774.38 million shares worth N14.65 billion across 10,412 deals, compared to 392.51 million shares valued at N12.02 billion in 7,981 deals during the prior session.

Jaiz Bank was the most traded stock by volume, with 247.04 million shares, while Zenith Bank led in value with N6.42 billion.

Note that NGX concluded the previous week on a bearish trend.