Equity Market Suffers N31bn Loss as Investors Sell Off
The Nigerian Exchange Limited (NGX) extended its losing streak on Thursday, as investors recorded a N31bn decline in market capitalisation.
At the close of trading, the All-Share Index dipped by 0.05 per cent to settle at 105,426.12 points, compared to the previous day’s 105,475.38 points.
Consequently, the total market capitalisation declined to N66.11tn from N66.14tn.
A total of 423.62 million shares valued at N9.18bn were traded in 11,393 deals, reflecting a 67 per cent decline in volume and a 27 per cent drop in turnover compared to Wednesday’s session. However, market activity improved slightly, with a four per cent increase in the number of deals recorded.
The losers’ chart was led by John Holt, which declined by 10 per cent to N7.74 per share. Chams followed with an 8.52 per cent drop to N2.04, while Secure Electronic Technology lost 8.47 per cent to close at N0.54. May & Baker fell by 7.95 per cent to N8.10, while UPDC and Custodian Investment shed 6.90 per cent and 6.70 per cent, closing at N2.70 and N19.50, respectively.
Conversely, The Initiates Plc led the gainers with a 9.85 per cent appreciation, closing at N4.46 per share. Mutual Benefits Assurance and Universal Insurance followed, both rising by 9.09 per cent to close at N0.96 and N0.60, respectively. Other notable gainers included Royal Exchange, which gained 8.99 per cent to N0.97, and Learn Africa, which rose by 8.14 per cent to N3.32.
In terms of trading volume, Access Holdings recorded the highest activity with 65 million shares exchanged, followed by Zenith Bank (41.5 million), Fidelity Bank (40.7 million), and Secure Electronic Technology (38.4 million).
Sectoral indices showed mixed performances. The Top 30 Index fell marginally by 0.01 per cent but maintained a one-week gain of 0.59 per cent and a year-to-date increase of 2.64 per cent. The Premium Index advanced by 0.16 per cent, bringing its year-to-date growth to 4.68 per cent.
The Insurance Index added 0.09 per cent, while the Industrial Index edged up by 0.01 per cent. However, the Main Board Index declined by 0.16 per cent, and the Consumer Goods Index dropped by 0.2 per cent.
Despite the continued losses, the market maintained a year-to-date gain of 2.43 per cent.
Economic Confidential reported that the Nigerian Exchange lost N74bn in market capitalisation at the close of trading on Wednesday as the All-Share Index declined by 0.1 per cent to settle at 105,485.99 points.
