WED NOV 06 2024-theGBJournal| The Nigerian equities market reversed gains from previous session as the benchmark index shed 57bps to close at 96,567.24 points, amid a raft of selloffs in index heavyweights.
The market relapse was primarily driven by Selloffs in Tier-1 banking tickers GTCO (-1.91%), ZENITHBANK (-0.81%), and UBA (-9.99%) outweighing gains in FBNH (+1.65%), ACCESSCORP (+2.12%), and WAPCO (+0.66%), putting the market in the red.
Consequently, the year-to-date (YTD) return fell to 29.15%, while the market capitalization lost N337.13 billion to close at N58.51 trillion.
Today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 60.73%.
A total of 418.39m shares valued at N10.04 billion were exchanged in 9,021 deals. STERLINGNG (+2.63%) led the volume chart with 79.65 million units traded, while UBA (-9.99%) led the value chart in deals worth N2.57 billion.
Market breadth closed negative at a 0.95-to-1 ratio with declining issues outnumbering the advancing ones. UBA (-9.99%) topped twenty others on the laggard’s table while EUNISELL (+9.87%) led nineteen others on the leader’s log.
Meanwhile, Nnamdi Okonkwo GMD, FBN Holdings Plc walked the market through the FBN Holdings N150 billion Rights Issue today.
The banking giant and the oldest in the country flagged off its Rights Issue today, with the GMD saying the bank plans to apply at the next Annual General Meeting (AGM), to raise another N350 billion.
FBN Holdings posted a 128% jump in profit before tax in nine months to September, 2024.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
