NGX closes lower amid Oando’s 10% drop, market cap falls

The Nigerian Exchange (NGX) ended the trading session on a downbeat note, with the All-Share Index (ASI) falling by 336.26 points, closing at 96,537.48 points.

This represents a 0.35% decline from the previous day’s 96,873.74 points, reflecting a generally bearish investor sentiment.

Market capitalization also took a hit, decreasing by N193.16 billion to N55.45 trillion from N55.65 trillion.

The downturn was heavily influenced by the significant 10% drop in OANDO’s share price, which led to the market’s decline. This slump follows OANDO’s recent milestone of joining the trillion-naira stock category.

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Despite the negative trend, DAARCOMM emerged as a standout performer with a 10% increase in its share price, leading 21 other gainers.

OANDO, however, was among the 33 stocks that fell, dominating both trading volumes and values with its 10% decrease.

Overall trading activity saw a reduction, with the session concluding with 12,039 deals, down from 12,532 in the previous session.

Trading volumes dropped by 17.71%, totaling approximately 389.23 million shares, while trade value fell by 21.43% to N8.18 billion.

The SWOOT sector saw declines, with OANDO’s significant drop affecting the broader market.

Zenith Bank and GTCO also experienced losses, while companies like AIRTELAFRICA, BUACEMENT, and MTNN showed resilience, maintaining stable stock prices.

In the banking sector, FBN Holdings remained stable, while other banks faced declines in their stock values.