NGX maintains losing streak amid sell pressure
The Nigerian equities market closed red on Thursday following sell pressure in the shares of the consumer goods sector.
Specifically, the market capitalisation dropped N3 billion or 0.01 per cent to close at N19.729 trillion from N19.732 posted on Wednesday.
Also, the All-Share Index lost 5.65 points or 0.01 per cent to close at 37,866.90 from 37,872.55 achieved on Wednesday.
Thus, the month-to-date and year-to-date losses were 0.1 per cent and 6.0 per cent, respectively.
The loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Nigerian Breweries, Vitafoam Nigeria, Dangote Sugar Refinery, Guaranty Trust Bank Holding Company (GTCO) and Ikeja Hotel.
However, the market closed positive with 18 gainers in contrast with 16 laggards.
Sovereign Trust Insurance drove the gainers’ chart in percentage terms with 10 per cent to close at 33k per share.
FTN Cocoa Processors followed with a gain of 9.76 per cent to close at 45k, while CWG Plc went up by 9.65 per cent to close at N1.25 per share.
AIICO Insurance rose by 9.52 per cent to close at N1.15, while Red Star Express gained 8.04 per cent to close at N3.36 per share.
On the other hand, Ikeja Hotel led the losers’ chart in percentage terms by 9.29 per cent to close at N1.27 per share.
UPDC followed with a loss of 9.09 per cent to close at N1.30, while Wapic Insurance lost 8.47 per cent to close at 54k per share.
University Press declined by 7.24 per cent to close at N1.41, while Unity Bank shed 6.35 per cent to close at 59k per share.
Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 14.95 million shares valued at N4.75 million.
Fidelity Bank followed with 13.48 million shares worth N32.16 million, while Wapic Insurance traded 11.96 million shares valued at N6.49 million.
UPDC traded 11.25 million shares worth N15.26 million, while Courteville Business Solutions transacted 9.81 million shares valued at N2.17 million.
In all, the total volume of trades fell by 18.9 per cent to 159.99 million units worth N927.86 million exchanged in 3,038 deals.
This was against the 197.23 million shares valued at N2.14 billion transacted in 3,610 deals on Wednesday.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Edo PDP boycotts LG election
The PDP alleged that the process is rooted in illegality and constitutional violations.
Economy
S&P Dow Jones places Nigeria on 2027 frontier market watchlist
According to the S&P DJI, Nigeria’s regulatory environment has been modernised to improve transparency, enforcement and market integrity.
Abuja
Court fixes October 14 for trial in absentia of five suspects linked to terrorist kingpin Bello Turji
The judge fixed the date following an oral application by the federal government’s lawyer, David Kaswe.
Anti-Corruption
Ghanaian celebrity fraudster Abu Trica extradited to U.S. over $8 million fraudÂ
Ghanaian authorities extradited fraudster Fredrick ‘Abu Trica’ Kumi to face trial in the U.S.
States
Louts who attempted to steal Ibadan POS operator’s phone caused Ojoo unrest: Police
The police spokesman said the victim’s outcry attracted members of the public, who apprehended one of the suspects.
Education
Parents’ community rejects concession of King’s College
The chairman stated that concessioning the 116-year-old school would serve private interests rather than the public good.
