TUE, 24 MAY, 2022-theGBJournal| Nigerian equities continued on their losing streak as the All-Share Index fell by 1.82%, its largest single-day drop since 5 Jan 2021, to 51,949.64 points, a two-week low.
Late selloffs in bellwethers MTNN (-7.63%) and DANGCEM (-1.00%), following the surprise 150bps hike in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN), weighed on the index. In addition, renewed selloffs in GUINNESS (-10.00%), as well as the continued weakness in GTCO (-2.13%) dragged the overall market. As a result, the year-to-date (YTD) return fell to 21.62%, with the market capitalisation shedding N518.55bn to close at N28.01trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions increasing by 149.79%. A total of 720.19m shares valued at N8.87bn were exchanged in 6,096 deals. ETI (0.00%) led the volume and value charts with 257.63m units traded in deals worth N2.96bn.
Market breadth closed negative at a 2.47-to-1 ratio, with declining issues outnumbering advancing ones. GUINNESS (-10.00%) topped thirty-six (36) others on the laggard’s log, while JAPAULGOLD (+10.00%) led fourteen (14) others on the leader’s table.
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