NGX Sustains Negative Trading With N126bn Loss
The market capitalisation of the Nigerian Exchange Limited (NGX) dipped by N126bn on Tuesday, marking the fifth consecutive negative trading session on the local bourse.
The equity market kicked off the week’s trading session with a loss of N242bn for investors on Monday.
Analysts had projected that this week would see mixed sentiments in the market, with positive momentum counterbalanced by profit-taking activities.
Both the market capitalisation and All-Share Index dipped by 0.34 per cent to N 36.479tn and 66,652.17 points respectively.
A total of 363,989,562 units of shares were traded on the exchange representing 10.83 per cent depreciation to Monday’s figure. The value of trade also fell to N4.53bn; a 16.73 per cent dip.
Market sentiments were flat as seen in 22 stocks on both the gainers and losers’ charts at the close of trading.
Consolidated Hallmark Insurance (+10 per cent) led the gainers’ chart to close at N1.10. Cornerstone Insurance’s shares also increased in value by 10 per cent to close at N1.65, UPDC Real Estate Investment Trust rose by 9.86 per cent to close at N3.90 per unit, Beta Glass appreciated by 9.85 per cent to end the day’s trading priced at N51.30 and Champion Brewery closed trading at N3.60 per unit after a 9.09 per cent increase in value.
On the losers’ table were Conoil with 9.99 per cent dip to close at N80.20, FTN Cocoa lost 9.95 per cent to close at N1.72 per share, Oando’s shares depreciated by 9.81 per cent to N9.65, Berger Paints lost 8.63 per cent of its share value to close at N11.65 and Lasaco Assurance lost 8.42 per cent to close at N1.85 per share.
Leading the most traded stocks was AccessCorp with 49.97 million units of its shares worth N784.91m traded in 761 deals. Zenith Bank had over 21.58 million shares valued at N681.59m traded in 567 exchanges. United Bank for Africa’s 45.72 million shares worth N787.37m traded in 547 deals. Transcorp had 48.53 million units of its shares amounting to N291.18m exchanged and GTCO saw 14.18 million units of its shares valued at N498.13m traded on the platform in 378 deals.
Meanwhile, the NGX Regulation Limited has said that the new Approved Code of Conduct for NGX Trading Licensees will take effect from October 3, 2023.
The new code of conduct is aimed at promoting high professional standards and ethical conduct within the capital market.
Commenting on the development, Chief Executive Officer, NGX Regulation Limited, Ms Tinuade Awe, said, “At NGX RegCo, we understand the profound impact that a strong ethical foundation can have on the integrity and sustainability of the capital market. The Approved Persons Code of Conduct is an important step towards further strengthening a market where confidence is essential. We encourage our Trading Licence Holders’ Approved Persons to fully embrace this Code, demonstrating their commitment to best and fair practises and the highest professional standards. These are critical factors for establishing a market based on honesty and accountability, which will promote market depth, growth, and economic development”.
