Investors Lose N12bn As Stock Market Ends Gaining Streak

The equities market of the Nigerian Exchange Limited recorded a decline on Wednesday after three consecutive days of gaining, with investors losing N12.13bn at the end of trading.

The NGX All-Share Index fell by 0.05 per cent to close at 43,707.30 basis points from 43730.55bps on Tuesday, while the market capitalisation of stocks dropped to N22.81tn from N22.82tn the previous day.

Investor activity slowed as the trading volume declined by 3.57 per cent to 270.70 million units valued at N5.63bn in 3,861 deals, from 280.71 million units valued at N3.48bn in 4,342 deals on Tuesday.

Analysing by sector, the NGX Consumer Goods Index emerged the only gainer as it rose by 0.12 per cent, while the NGX Banking, Insurance, Industrial Goods, and Oil & Gas indices dropped by 0.97 per cent, 0.34 per cent, 0.25 per cent and 0.24 per cent, respectively.

Neimeth International Pharmaceuticals Plc came first among 18 gainers as the market closed with negative sentiment.

Nineteen firms recorded declines in their share price at the end of trading on the floor of the NGX on Wednesday.

Neimeth’s share price climbed by 10 per cent to N1.98. it was followed by Chams Plc, which surged by 9.09 per cent to close at N0.94 per share.

Other top gainers were Mutual Benefits Assurance Plc (eight per cent), Honeywell Flour Mills Plc (6.95 per cent), and Caverton Offshore Support Group Plc (5.88 per cent).

Red Star Exchange Plc recorded the biggest loss at the end of trading as its share price fell by 9.86 per cent to N3.29. Following closely was Pharma-Deko Plc, which declined by 9.82 per cent to N2.11 per share.