The Equity Market capitalisation of the Nigerian Exchange (NGX) lost N720 billion as a result of sustained selloffs in the shares of Tier-1 banks. NGX declined further midweek as a result of rapid selloffs on financial services stocks.
Investors lost 1.31 percent as the market opened at N55.037 trillion and closed at N54.317 trillion. The all share index also shed 1,317 points to close at 99,266.02 as against 100,582.89 recorded in the previous session.
There is a selloffs in the equities of FBN Holdings (FBNH), Guaranty Trust Holding Company (GTCO), and Zenith Bank dragged the market down. Investors traded a total of 396.23 million shares valued at N5.83 billion in 10,549 deals, compared to 280.46 million shares valued at N6.12 billion exchanged in 9,141 deals posted on Tuesday.
Market breadth closed negative with 50 losers and four gainers on the trading floor. Transcorp led the activity chart in volume with 52.57 million shares traded at the value of N675.58 million, and United Bank of Africa (UBA) sold 39.47 million shares worth N823.93 million .As a result, the Year-To-Date YtD return on the index fell to 32.76 per cent. Meanwhile,
Access Corporation traded 35.29 million shares worth N621 million, while Zenith Bank led in value with sales of 30.93 million shares worth N1 billion and Universal Insurance traded 23.22 million shares worth N8.11 million.
On the losers table, Wema Bank, Oando Plc, Nigerian Breweries, The Initiative Plc and Red Star Express Plc led in percentage terms of 10 each to close at N7.02, N9.90, N30.60, N1.80 and N3.42 per share, respectively.
Also, PZ Cussons led the gainers table in percentage terms of 10 to close at N29.15, Juli Plc rose by 9.93 per cent to close at N3.10, while AXA Mansard gained 1.53 per cent to close at N5.30 per share.