Thursday, February 9, 2023

Investors lose N33 billion amid selloffs in MTN, GTCO, other stocks

The All-share index shed 61.35 points or 0.13 per cent to close at 48,426.49 from 48, 476.49 recorded on Wednesday.

• December 8, 2022
Trading floor
Trading floor

The Nigerian bourse on Thursday relapsed to a bearish mode after four consecutive days of gain. A 0.13 per cent loss was recorded on the trading floor of the Nigerian  Exchange Ltd. (NGX).

Specifically, market capitalisation lost N33 billion or 0.13 per cent to close at N26.343 trillion as against N26.376 trillion posted on Wednesday.

Also, the All-share index shed 61.35 points or 0.13 per cent  to close at 48,426.49 from 48, 476.49 recorded on Wednesday.

The market’s weak performance was due to selloffs in stocks of MTN Nigeria, WAPCO and Guaranty Trust Holding Company (GTCO).

Consequently, the year-to-date (YTD) return fell to 13.22 per cent.

Market breadth closed positive as 12 stocks were on the leaders’ table, while eight were on the laggards’ log.

Chams led the gainers’ chart in percentage terms by 10 per cent to close at 24k per share.

R.T. Briscoe followed with 7.69 per cent to close at 28k, while PZ rose 5.50 per cent to close at N11.50 per share.

Livestock appreciated by 4.50 per cent to close at N1.16, while Ecobank Transnational Incorporated (ETI) garnered 2.80 per cent to close at N10.80 per share.

On the other hand, Capital Hotel dominated the losers’ chart in percentage terms with 9.80 per cent to close at N2.76 per share.

Honeywell Flour Mill followed with 9.09 per cent to close at N2.20, while WAPIC Assurance declined by 8.11 per cent to close at 34k per share.

ABC Transport lost by 7.41 per cent to close at 25k, while Cadbury depreciated by 4.69 per cent to close at 70k per share.

Market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 11.20 per cent.

A total of 148.16 million shares valued at N2.98 billion were exchanged in 3,391 deals. 

(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

U.S. Consulate in Lagos

Lagos

Lagos sees over 200% rise in visa approvals as U.S. intensifies consular services after COVID-19 pandemic

In Lagos, 42,329 American visas were approved in the year 2022 alone, a high figure compared to the 11,533 visas granted in 2021.

Peter Nwaoboshi

Anti-Corruption

N805 Million Fraud: Delta senator Nwaoboshi finally lands in prison after hiding for months

On July 1, 2022, the Lagos Division of the Court of Appeal sentenced Mr Nwaoboshi to prison after it convicted him on a two-count charge of money laundering.

Armed herdsmen

Port Harcourt

Ijaw leaders raise alarm over influx of armed herdsmen into Niger Delta

They called on “the Niger Delta states to properly enforce their anti-open grazing laws and protect lives and property.

Paradigm Initiative (PIN)

NationWide

PIN launches new project to provide digital security for Nigerians 

PIN developed the Ayeta toolkit—named after the Yoruba word for “bulletproof”—to give human rights activists tips on digital security.

APC and PDP flags

Politics

PDP, APC oppose election postponement

The two major political parties in Nigeria have spoken against the touted postponement of the general elections billed for February 25 and March 11.

Trading floor

Economy

Indices up by 0.23% at equities market 

The market capitalisation which opened at N29.575 trillion inched higher by N69 billion or 0.23 per cent to close at N29.644 trillion.