The Nigerian stock market, on Thursday, September 19, 2024, reversed gains from its previous sessions due to selloffs, leading to N131 billion loss.
The Nigerian Exchange Limited (NGX) market capitalisation shed N131 billion or 0.23 percent from an opening of N56.447 trillion to close at N56.316 trillion.
The All-Share Index also dropped 0.23 per cent or 227.2 points to close at 98,003.75 points, against 98,230.92 points reported on Wednesday.
Consequently, the Year-To-Date (YTD) return fell by 31.07 per cent.
Selloffs in Guaranty Trust Holding Company (GTCO), FBN Holdings, Oando PLC, and Dangote Sugar, among others declined stocks, dragged the market indices down.
Also, market breadth closed negative with 26 losers and 25 gainers on the floor of the Exchange.
On the losers’ table, Honeywell Flour led by 9.98 per cent to close at N4.87, while FBN Holdings followed by 9.88 per cent to close at N30.55 per share.
UPDC lost 9.74 per cent to close at N1.76, Secure Electronic Technology declined by 8.82 per cent to close at 62k, while Tantalizers decreased by 8.82 per cent to close at 62k per share.
On the other side, ABC Transport and McNichols led the gainers’ table by 10 per cent each to close at 99k and N1.65 per share, respectively.
UPL also gained 9.95 per cent to close at N2.43, Fidson Healthcare PLC rose by 9.85 per cent to close at N14.50, and Caverton advanced by 9.80 per cent to close at N3.36 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 50.13 per cent.
A total of 473.09 million shares valued at N11.36 billion were exchanged in 9,848 deals, compared to 361.30 million shares valued at N7.57 billion traded in 9,627 deals posted previously.
Again, JapaulGold led the activity chart in volume with 106.66 million while Dangote Cement led the value chart in deals worth N4.84 billion.
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