The stock market recorded a downturn on Tuesday, May 14, 2024, resulting in a loss of N132 billion by investors at the Nigerian Exchange Limited (NGX).
This negative trend was primarily driven by sell-offs in Tier-one banking stocks, such as Zenith Bank, FBN Holdings, and United Bank for Africa (UBA).
Apart from Tier-one banking stocks, Wema Bank, Sterling Bank, FCMB, Dangote Sugar, and PZ Cussons, among others pulled down the market on a negative note.
Consequently, the market capitalisation of the NGX declined to N55.132 trillion from N55.264 trillion, marking a decrease of N132 billion.
The All-Share Index also dropped by 0.24 per cent, losing 235 points to settle at 97,473.98 from an opening of 97,708.74.
Year-To-Date (YTD) figures fell to 30.36 per cent, reflecting the overall negative sentiment prevailing in the market.
However, the market breadth closed positive with 22 gainers and 20 losers.
Stock market capitalisation drops by N297bn
LearnAfrica and Tantalizers led the gainers’ table by 10 per cent each, closing at N3.63 and 55k per share, respectively.
McNichols Plc followed closely with a gain of 9.89 per cent, while Regency Alliance Insurance and Cutix advanced by 9.38 per cent and 8.33 per cent, respectively.
On the flip side, Dangote Sugar, PZ Cussons Nigeria, and The Initiates Plc experienced the biggest losses, each dropping by 10 per cent to close at N40.50, N22.50, and N2.25 per share, respectively.
NEM and Caverton also saw significant declines of 9.66 per cent and 9.55 per cent, respectively, closing at N9.35 and N1.24 per share.
The trade turnover settled 48.90 per cent lower than the previous session.
A total of 306.60 million shares valued at N5.81 billion were transacted in 7,951 deals, in contrast to 439.10 million shares valued at N11.38 billion in 8,607 deals traded on Monday.
Access Corporation led the activity chart in volume with 33.23 million shares valued at N575.59 million.
GTCO followed to lead the chart in value chart with 32.25 million shares worth N1.36 billion.
Nigerian Breweries sold 27.46 million shares worth N631.76 million and UBA traded 22.52 million shares valued at N519.50 million.
Royal Exchange Plc also transacted 19.46 million shares worth N10.18 million.
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