Investors lose N70bn to sell-offs at stock market

Sell-offs in MTN Nigeria alongside Tier-one banking stocks, on Tuesday, October 8, 2024, shed 0.12 per cent or N70 billion from the Nigerian Exchange Limited (NGX) market capitalisation.

The stock market capitalisation, which opened at N56.146 trillion, lost N70 billion to close at N56.076 trillion, following the sell-offs.

The All-Share Index also dropped 0.12 per cent or 122 points to close at 97,584.81, against 97,706.70 reported on Monday, October 7.

As a result, the Year-To-Date (YTD) return decreased by 30.51 per cent.

Losses in Guaranty Trust Holding Company, Zenith Bank, United Bank For Africa (UBA), Dangote Sugar, Oando, and Nigerian Breweries pulled the market performance down.

CBN sells $543m to banks in September

Market breadth closed negative with 29 losers and 26 gainers.

Guinness led the losers’ chart by 10 per cent to close at N61.20 per share, while Regency Alliance Insurance led the gainers’ chart by 10 per cent to close at 54k per share.

Analysis of the stock market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 39.92 per cent.

A total of 719.11 million shares valued at N8.34 billion were exchanged in 9,435 deals, compared to 1.31 billion shares valued at N5.96 billion traded in 10,424 deals recorded in the previous session.

Meanwhile, WAPIC led the activity chart in volume with 402.26 million shares, while Seplat led in value with deals worth N2.25 billion.

The Star