The equity market lost N849bn underpinned on a 10 percent dip in BUA Cement, Sterling Financial Holding Company (-9.85 percent), Consolidated Hallmark Holdings (-10 percent), real estate firm, UPDC and The Initiates (-9.79 percent each).

This indicates an NGX  bearish run, declining by 1.5% to close at 102,108.05 points, down by 1,551.76 points from yesterday’s 103,659.81 points.

The market breadth was negative as only 14 stocks recorded gains while 46 stocks recorded losses, even as BUA Cement was the biggest loser during the day with a 10% loss.

Similar to the ASI, there was an N850 billion decline in equities as the market capitalization declined to N55.87 trillion, from yesterday’s N56.72 trillion.

In terms of trading volume, there was a 41.2% decline in trading volume to 494.19 million units, from yesterday’s 841.55 million units. Concerning trading value, there was a 61% decline to N7.6 billion from yesterday’s N19.33 billion.

JAIZ Bank led the charts in terms of volume of trade with 90,78 million units worth N226.98m  traded in 433 deals, followed by Universal Insurance with 40.40 million units valued at N16.64m exchanged in 186 trades.

While Meyer  Plc, Daar Communications, industrial goods company, Cap Plc, gained 9.94 per cent, 9.09 per cent and 4.58 per cent to close at N5.20, N0.84 and N25.10 per unit, and Guaranty Trust Holding Company Plc,  FBN Holdings had 32.95 million and 27.54 million units of their stocks valued at N1.32bn and N27.54m traded in 418 and 385 deals.

In the past few weeks, analysts had projected a pull-back in the capital market following the bullish rally in the market.

Market Indices

NGX All-Share Index: 102,108.05 points

% Day Change: -1.50%

Day’s Lowest: 102,033.20 points

Day’s Highest: 103,784.49 points

% YTD: +36.56%

Market Cap: N55.87 trillion

Volume Traded: 491.19 million units

Value Traded: N7.6 billion

Top Gainers

CADBURY: +10.00% to close at N24.20

JULI: +10.00% to close at N0.77

MEYER: +9.94% to close at N5.20

DAARCOMM: +9.09% to close at N0.84

CAP: +4.58% to close at N25.10

FIDELITYBK: +3.45% to close at N12.00

Top Losers

BUACEMENT: -10.00% to close at N166.50

CONHALLPLC: -10.00% to close at N1.53

STERLINGNG: -9.85% to close at N5.86

TIP: -9.79% to close at N2.12

UPDC: -9.79% to close at N1.75

JAPAULGOLD: -9.77% to close at N2.77

Top Traded Stocks

In terms of trading volume, JAIZBANK (-2.62%) led with 90.78 million units, followed by UNIVINSURE (-7.14%) with 40.40 million units, JAPAULGOLD (-9.77%) with 33.61 million units, GTCO (-1.48%) with 32.95 million units, and FBNH (-2.31%) with 27.54 million units.

Concerning value, GTCO (-1.48%) led with N1.32 billion, followed by FBNH (-2.31%) with N702.46 million, MTNN (+0.36%) with N665.30 million, UBA (-5.70%) with N552.55 million, and ZENITHBANK (-3.10%) with N540.74 million.

While Dangote Cement appreciated by 7.49%, at the Nigerian Stock Exchange (NGX) with its market cap gaining N430 billion.

Furthermore, the All-Share Index appreciated by 1.92 per cent or 1,597.93 basis points to close at N 84,640.89, closer to the 85,000 points than it was on Friday.

But the year-to-date gains also strengthened to 13.20 per cent from 11.06 per cent from the previous trading session.

Similar to the ASI, equities gained N1.118 trillion, as the market capitalization rose to N46.319 trillion from last Friday’s N45.199 trillion.

There were also some movements in the market as Access Bank moved back into the N1 trillion market cap territory, while FBN Holdings dropped out of it, with the Geregu Power gaining 7.52%.

In terms of trading activities, there was a 34% increase in trading volume to 807.51 million units, from last Friday’s 600.63 million units.

In this stead, TRANSCORP (+4.69%) led with 66.89 million units, followed by AIICO (+2.40%) with 62.29 million units, WEMABANK (+9.92%) with 41.57 million units, JAIZBANK (+9.93%) with 39.19 million units, and FCMB (+3.64%) with 38.15 million units.

Also important to note, is a 21% increase in trading value to N11.03 billion from N9.1 billion when the market closed on the last trading of last week.

NASCON (+8.33%) led with N1.091 billion, followed by ZENITHBANK (+3.60%) with N1.089 billion, TRANSCORP (+4.69%) with N956 million, UBA (+1.45%) with N857.26 million, and MTNN (0.00%) with N791.55 million.

Below are the market Indices for yesterday’s trading session.

NGX All-Share Index: 84,640.89 points.

% Day Change: +1.92%

Day’s Lowest: 82,949.40 points

Day’s Highest: 84,640.89 points

% YTD: +13.2%

Market Cap: N46.32 trillion

Volume Traded: 807.51 million units

Value Traded: N11.03 billion

Top Gainers

PZ: +10.00% to close at N32.45

MANSARD: +10.00% to close at N6.49

CHAMS: +10.00% to close at N2.53

DAARCOMM: +10.00% to close at N0.99

SOVREINS: +10.00% to close at N0.66

TANTALIZER: +10.00% to close at N0.55

Top Losers

ABBEYBDS: -9.52% to close N2.47

JBERGER: -3.54% to close at N54.50

CUSTODIAN: -3.45% to close at N9.80-

AFRIPUD: -2.78% to close at N8.75

FBNH: -1.79% to close at N27.50

CHAMPION: -1.27% to close at N3.90

These already implies that all FUGAZ (First Bank, UBA, Access Holdings (Access Bank), and GTCO (GTBank) have now crossed the 1 trillion market capitalization for the first time.

Yesterday (Tuesday), AccessCorp and FBNH gained about N82bn and N93bn each to join the N1tn club bringing their market cap to N1.055tn and N1.026tn respectively. Earlier in December, FBNH had crossed the N1tn market cap mark but dropped by the next trading session. UBA, which entered the elite club with N1.022tn, appreciated to N1.114tn at the close of Tuesday’s trading.

Previously, Zenith Bank and GTCO were the only banking members of the SWOOT category, which is used to describe stocks worth over N1 trillion trading on the NGX. However, other banking stocks such as Stanbic IBTC and FBNH had previously made a brief foray into this category.

By crossing the N1trillion market capitalization level yesterday, (Tuesday), Access Holdings (ACCESSCORP), the parent group of Access Bank, as its stock rose by 8.39% to close at N29.70, thus taking the bank’s market capitalization to N1.056 trillion

Also, FBN Holdings rebounded to its highest level since December 6, 2023, as its stock appreciated by 10%, reaching a market cap of N1.027 trillion. The older members of the SWOOT category, such as: GTCO and Zenith Bank, closed trading on January 9 with a market cap of N1.42 trillion and N1.49 trillion, respectively.

It implies that in just six days of active trading on the floor of Nigeria Exchange, the NGX has appreciated by about 11.26%. However, the tier-1 banks have achieved even more remarkable returns in 2024.

Year to date, ACCESSCORP has gained 28.3%, FBNH has gained 21.4%, GTCO has gained 19%, UBA has gained 27.1%, and ZENITHBANK has gained 22.5%.