Influenced by a drop in MTN Nigeria’s share price, the all-share index of Nigeria’s capital market fell on Wednesday.
The decline did not affect investors much as they still made gains at the end of the day’s trade.
The Nigerian Exchange Limited (NGX) ended trade on Wednesday with mixed results as the All-Share Index (ASI) declined by 0.09% to close at 71,003.98 points.
Despite the decline, the market made a gain of 38.54%, as market capitalization closed at ₦39.048 trillion.
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There were more gainers than losers in the market as Daar Communications and R.T. Briscoe led the gainers with about 10% each.
Mecure Industries and Secure Electronic Technology Plc also recorded gains nearing the 10% mark, while Multiverse Mining and Exploration joined the list of top performers with a significant increase of 9.82%.
On the flip side, several companies faced setbacks in their share prices. Prestige Assurance took a notable hit, plummeting by over 7%, while International Breweries fell by approximately 5%, and UPDC Real Estate Investment Trust also saw its shares depreciate.
In terms of trading activity, Unity Bank emerged as a volume driver with millions of shares changing hands. Guaranty Trust Holding (GTCO) Plc stood out for its trade value, which exceeded one billion Naira.
Despite a reduction in total volume traded, the number of transactions improved, rising by 1.95% to reach 6,677 deals for the day.
Veritas Kapital Assurance dominated volume trade while MTN Nigeria led in trade value with ₦2.81 billion worth of shares traded.
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United Bank for Africa (UBA) also featured prominently with shares valued at ₦407.35 million actively traded on the exchange floor.
Investors will continue to watch how these dynamics play out in future sessions as they assess the market’s direction amidst varying performances across different sectors.