Nigerian banks and RedStar Limited dragged the Nigerian Exchange Limited to a market capitalization of N36 billion or 0.06 percent, at the close of work on Thursday.
NGX data showed that the market capitalisation closed at N59.476 trillion compared to the opening value of N59.512 trillion.
Similarly, the All-Share Index (ASI) declined by 61 points, or 0.06 percent, ending the day at 98,114.11, down from 98,174.99 recorded on Wednesday.
Consequently, the Year-to-Date (YTD) return fell to 31.21 percent.
The dip was primarily driven by losses in key stocks, including Zenith Bank, Access Corporation, FBN Holdings, and Aradel Holdings.
Market breadth, in spite of the overall bearish trend, closed positive with 35 gainers outperforming 16 losers on the floor of the exchange.
Cornerstone Insurance and UPL led the gainers’ table by 10 percent each to close at N3.30 and N3.36 per share, respectively. On the flip side, Red Star Express Limited led the losers’ table by 10 percent to close at N4.41 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 35.58 percent.
A total of 723 million shares valued at N12.84 billion were exchanged in 8,495 deals, compared with 521.92 million shares valued at N19.93 billion traded in 9,420 deals posted in the previous session.
Champion Breweries led the activity chart in volume with 300.93 million shares, while Guaranty Trust Holding Company (GTCO) led the chart in value of deals worth N2.12 billion.
Nigerian banks, Redstar drag NGX to N36bn loss
