• Business - Market Data
  • Updated: April 03, 2024

Market Report: NGX All-Share Index drops amid market volatility

Market Report: NGX All-Share Index drops amid market volatil

The NGX All-Share Index continued its bearish movement, dropping 336.82 points to close at 104,181.32 points, down from the previous session’s close of 104,518.14 points.

This decline was accompanied by a significant drop in the total market capitalization, which finished at N58.905 trillion, down by N190.45 billion or 0.32% from the previous value of N59.095 trillion. 

Market Performance Analysis

Investor sentiments remained cautious as market activity was characterized by mixed reactions to the central bank's bank recapitalization plans. While most bank stocks had modest gains on Tuesday, they experienced losses on Wednesday as investors grappled with potential implications.

Market sentiments were divided, with some investors expecting higher share prices for bank stocks due to the recapitalization plans, while others viewed cheaper stocks as favourable for banks seeking rights issues.

Top Gainers and Losers

Among the top gainers, Universal Press Plc (UPL) emerged as the leader with a 9.84% increase in its share price.

Conversely, INTENEGINS and CAVERTON were among the top losers, each experiencing a 10% decline in their share prices.

Overall, there were 21 advancing stocks and 32 declining stocks during the trading session.

Market Activity

Market activity saw a downturn, with a noticeable decrease in the volume of shares traded by 140.47 million shares.

This represented a 25.75% drop, bringing the total volume to 405.03 million units, down from the previous session’s 545.49 million shares. ACCESSCORP led in trading volume, with 50 million units, followed by UBA with 49.01 million units.

In terms of market value, there was a 39.04% decline, translating to an N5.71 billion reduction, ending the session at N8.91 billion, down from N14.61 billion in the last session.

SWOOT and FUGAZ Update

In the SWOOT category, the banking sector experienced a downturn in earnings, with FBN Holdings, GTCO, and Zenith Bank seeing their stock values diminish.

Conversely, entities such as AIRTELAFRI, BUA Cement, and MTNN showcased resilience by keeping their stock prices constant despite market volatility.

Among prominent banks, FBN Holdings registered a 5.02% loss, while Access Holdings, UBA, GTCO, and Zenith Bank each experienced a decrease in share prices.

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