Equity market drops N51bn

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NGX axes 30 companies over corporate governanceThe market capitalisation of the Nigerian Exchange Ltd. (NGX) Monday dropped by N51 billion.

Specifically, the market capitalisation opened at N55.861 trillion to close at N55.810 trillion, representing 0.09 per cent decrease.

The All-Share Index also dropped by 0.09 per cent or 93 points, to close at 101,995.53, as against 102,088.30 posted on Fr

Consequently, the Year-To-Date (YTD) return fell to 36.41 per cent.

The downward performance was due to selloffs in some of the stocks of Tier-one banks such as FBN Holdings, United Bank for Africa(UBA) and Zenith Bank as well as Dangote Cement.

A total of 294.32 million shares valued at N6.72 billion were exchanged in 9,957 deals, compared to N291.01 million shares valued at N6.02 billion recorded in 7,710 deals at the previous session.

However, analysis of the market activities indicated trade turnover settled higher relative to the previous session, with the value of transactions up by 11.69 per cent.

On the losers chart, Nestle Nigeria Plc led in percentage terms of 10 to close at N990.

Eterna Plc followed by 9.97 per cent to cose at N15.80 per share.

FIDSON Healthcare Plc lost 9.82 per cent to close at N15.15, CWG Plc trailed by 9.56 per cent to close at N6.15, while Sunu Assurances declined by 9.09 per cent to close at N1.90 per share.

Conversely, National Salt Company of Nigeria(NASCON) led the gainers’ table in percentage terms of 10 to close at N66, Juli Plc gained 9.83 per cent to close at N2.57 per share.

FBN Holdings appreciated by 9.68 per cent to close at N34, WAPIC Insurance rose by 8.96 per cent to close at 73k, while Daar Communications went up by 8.86 per cent to close at 86k per share.

On the activity chart, FBNH led in volume and value with trade of 73.84 million shares valued at N2.42 billion, followed by United Bank of Africa (UBA) which sold 20.67 million shares worth N493.05 million.

Zenith Bank also traded 20.62 million shares valued at N731.41 million, Fidelity Bank sold 19.98 million shares worth N205.40 million and Veritas Kapital transacted 12.32 million shares valued at N8.96 million.

Meanwhile, market breadth closed positive with 28 gainers and 26 losers on the trader’s chart. (NAN

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