Trading Session Reverses as Investors Loss N158bn – NGX

The positive start to October’s trading session on the Nigerian Exchange Limited on Tuesday was reversed on Wednesday as investors recorded a N158bn loss.

This was due to losses recorded by MTN Nigeria (-3.85 per cent), Wema Bank (-10 per cent), Fidelity Bank (-3.57 per cent), Sterling Financial Holding Company (-2.72 per cent, Unity Bank (-2 per cent), FCMB (-0.33 per cent) and FBN Holdings (-0.31 per cent).

The local bourse had opened with a gain of N213bn on Tuesday, halting seven days of bearish trading.

Also Read: Stock Market Closes Big with 29.52% Gain in Q3

NGX All-Share Index depreciated by 0.43 per cent or 288.69 base points to 66,482.28 while the market cap also shed 0.43 per cent to close at N36.386tn.

On a positive note, the volume of trade increased by 80.48 per cent to 657.52 million units of shares valued at N4.60bn, which marked a 19. 38 per cent increase compared to Tuesday’s value of trade.

Market sentiments trended positive as reflected in 29 gainers and 22 losers at the close of trading.

Oando Plc led the gainers chart with a 9.88 per cent appreciation to close at N9.45 per unit, Chams Holdings’ shares gained 6.11 per cent to close at N1.39, GlaxoSmithKline closed at N11.90 after a 4.39 per cent gain, GTCO’s shares rose by 2.27 per cent to close at N36 per unit and Dangote Sugar gained 1.57 per cent to close ta N55.

On the losers’ table, Ikeja Hotel and Wema Bank led with a 10 per cent decline to close at N3.15 and N4.23 respectively. ABC Transport lost 8.86 per cent to close at N0.72, Royal Exchange lost 8 per cent to close at N0.46 and Consolidated Hallmark Insurance closed at N1.18 after 5.60 depreciation per share.