Bears persisted at the Nigerian Exchange Limited (NGX) on Wednesday as the local bourse experienced a significant sell-off with the benchmark All-Share Index (ASI) witnessing a 1.31 percent decline to close at 100,582.89 basis points.
Sustained selloffs in Teir-1 banking name, FBN Holdings , Guaranty Trust Holdings and Zenith Bank caused a drag in the market as this share value dipped by 9.97 percent 8.75 percent and 5.94 percent, respectively.
Consequently, the stock market’s capitalization also dropped to N54.3 trillion, marking a substantial loss of N700 billion for investors.
As a result, the year-to-date return on the index fell to 32.76 percent.
The decision by the Central Bank’s monetary policy committee to increase the benchmark Monetary Policy Rate (MPR) significantly impacts the financial markets
Except for the oil and gas index, all other major indexes recorded losses, reflecting the broad impact of the hawkish policy rates on market dynamics.
The banking sector, particularly the FUGAZ banks, were among the major losers.
Fast Moving Consumer Goods (FMCG) stocks, including Nigerian Breweries (NB), Dangote Sugar, and Honeywell, also experienced notable declines.
Analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 4.80 percent.
A total of 396.23 million shares valued at N5.83billion were exchanged in 10,549 deals. Transnational Corporation led the volume chart with 52.57 million units traded while Zenith Bank led the value chart with deals worth N1.00 billion.
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