Friday, April 12, 2024

Losses in Geregu, GTCO, Access Corporation drag market cap down by N58bn


The losses recorded by market heavyweights, Geregu Plc, GTCO Plc and Access Corporation on Thursday pulled down the All Share Index of the Nigerian Exchange Limited by 0.20 percent, resulting in a loss of N57.7billion in market capitalization at the end of trading for the day.

Today, the domestic bourse ended its four-day winning streak as the benchmark index shed 0.20 percent to close at 52,821.60 points.

Selloffs in GEREGU (-4.78%), GTCO (-1.47%), and ACCESSCORP (-1.35%) underpinned the market’s weak performance despite gains in MTNN (+0.09%), STANBIC (+0.13%) and UBA (+0.57%).

As a result, the year-to-date (YTD) return fell to 3.06 percent, while market capitalization lost N57.70bn to close at N28.76trn.

Analysis of the day’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 17.16 percent.

A total of 377.14m shares valued at N9.18bn were exchanged in 5,879 deals. UBA (+0.57%) led the volume chart with 86.17m units traded while GEREGU (-4.78%) led the value chart in deals worth N3.92bn.

Market breadth closed negative at a 1.11-to-1 ratio with declining issues outnumbering advancing ones. CONOIL (-9.92%) led nineteen (19) others on the leader’s log while FTN (+8.77%) topped seventeen (17) others on the leader’s table.

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