Again, Equities Market Closes In The Red Zone

If the share price of major equities like MTN Nigeria, FBN Holdings, Transcorp hotels are falling in the market, then you must know what to expect.

The decline in the share price of about 19 equities gave rise to a bearish sentiment in the market on Wednesday, April 24, 2024.

Questions brewing on the mind of investors would not be far from how to turn this negative trend around.

The loss of ₦‎673 billion recorded in the equities market is one that will give investors a reason to pause and rethink their investment strategy.

Equities failed to appreciate on Wednesday as both the market capitalisation and All-share Index closed on a negative note.

The All-Share Index declined by 1.18%, settling at 98,121.30 from the previous close of 99,311.54.

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Similarly, the market capitalisation shed ₦‎673 billion to close at ₦‎55.494 trillion.

This brings the year-to-date to 31.76%, the month-to-date to negative 6.16%, and the week-to-date to negative 1.36% respectively.

Meanwhile, an aggregate of 395 million units of shares was traded in 7,907 deals valued at ₦‎9.576 billion.

Gainers And Losers 

Sunu Assurance, Neimeth Phamarceutical, and The Initiate Plc all grew their gains by 10% each to close at ₦‎1.21, ₦‎1.98, and ₦‎1.98 respectively.

The share price gains of UPDC, CAP, and McNichol Plc also grew by 9.90%, 9.90%, and 9.57% respectively.

Meanwhile, MTN Nigeria and Transcorp Hotels Plc shed 10% each off their share price to close at ₦‎201.60 and ₦‎87.93 respectively.

Oando, FBN Holdings, and Fidson Healthcare Plc among other losers shed their share prices by 9.90%, 9.82%, and 9.75% respectively.

Volume Drivers

GTCO Plc traded about 81.407 million units of its shares in 444 deals, valued at ₦2.931 billion.

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Zenith Bank Plc Plc traded about 46.156 million units of its shares in 650 deals, valued at ₦‎1.691 billion.

UBA Plc traded about 41.600 million units of its shares in 717 deals, valued at ₦953.518 million.