Equities trading at the Nigerian Exchange Limited ended further south, suffering a massive dip with the All Share Index (ASI) declining by 3.2 per cent.
Specifically, selloffs in the two NGX-listed telecom stocks, Airtel Africa and MTN Nigeria weighed heavily on the overall market as the stocks of the large-cap telecommunication companies declined by 10.0 per cent and 1.20 per cent.
Precisely, the All-Share Index declined by 3.2 per cent to 47,260.89 basis points, the most significant single-day loss since 12th March 2020 and the lowest level in almost six months, April 12, 2022.
Accordingly, the Month-to-Date loss printed -3.6 per cent while the Year-to-Date gain moderated to +10.6 per cent.
Equities investors, therefore, lose N859.18 billion on Thursday as the market capitalization closed at N25.74 trillion by the end of the day trading activities.
Market breadth closed negative with declining issues outnumbering advancing ones, with Airtel Africa leading 22 others on the laggard’s table, while Geregu 13 others on the gainer’s log.
Analyses by sectors indicated that the Banking, Industrial Goods, Insurance and Consumer Goods indices printed losses by 0.9 per cent, 0.3 per cent and 0.3 per cent, respectively; while the Oil & Gas index closed flat.
Meanwhile, analysis of market activities for the day under review showed that trade turnover settled higher relative to the previous session, with the value of transactions increasing by 13.39 per cent.
A total of 140.67 million units of shares valued at N2.52 billion were exchanged in 4,371 deals. Guaranty Trust Holding Company led the volume chart with 27.73 million units traded, while Geregu led the value chart, for the second consecutive session, in deals worth N586.76 million.
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