Investors wallow in N120 billion loss as stocks remain in bearish mode
The equities market of the Nigerian Exchange Ltd., (NGX) extended its bearish trend on Thursday, causing market capitalisation to dip further by N120 billion.
Specifically, the All-Share Index (ASI) at the close of trading, declined to stand at 47,543.51 points, representing 0.48 per cent when compared to the 46,766.16 points recorded on Wednesday.
Similarly, the overall market capitalisation value lost N120 billion to close at N25.092 trillion from N25.212 trillion recorded on Wednesday.
The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are; Veritas Kapital, EcoBank Transnational Incorporated(ETI), UACN and among others.
The market breadth was positive as 20 stocks declined relative to 16 gainers.
Conoil recorded the highest price gain of 9.89 per cent to close at N24.45 per share.
RTBriscoe followed with a gain of 9.80 per cent to close at 56k per share, while Japaul Gold rose by 9.68 per cent to close at 34k per share.
Meyer rose by 9.57 per cent to close at N1.03 while Regal Insurance gained 9.09 per cent to close at 36k per share.
On the other hand, Veritas Kapital led the losers’ chart by 8.70 per cent to close at 21k per share.
UACN and Transcoholt depreciated by 7.49 per cent and 6.78 per cent each to close at N10.50 and N4.95 per share, respectively.
UPDCreit followed with a decline of 2.94 per cent to close at N3.30 per share while ETI lost 2.92 per cent to close at N11.65 per share.
The total volume of stocks traded was 244.042 million units, valued N2.350 billion, and exchanged in 4,710 deals.
Transactions in the shares of Fidelity Bank topped the volume chart with 44.43 million shares valued at N155.63 million.
Transcorp followed with 35.76 million shares worth N34.848 million, while Zenith Bank traded 23.3 million shares valued at N531.586 million.
United Bank for Africa(UBA) traded 15.63 million shares valued at N121.329 million, while ACCESSCORP transacted 12.91 million shares valued at N125.938 million.
(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.”
Anti-Corruption
U.S. census official sentenced to prison for bribery, fraud
The contract was worth millions of dollars. In exchange for steering the contract and modifications, Ms Jones received kickbacks from YMJ Consulting and the subcontractor.
Anti-Corruption
Rockland Congruity to pay about $3 million over PPP loan fraud
As part of the settlement, Rockland admitted that in March 2021, it received a $1,709,099 second-draw PPP loan.
NationWide
NOA urges vigilance against Ebola threat
Ijeoma Ulasi, the deputy director and Health and Social Care Desk Officer of NOA in Enugu, made the call during a sensitisation programme on the disease in Enugu recently.
Politics
Tinubu to rehabilitate Third Mainland Bridge, replace Carter Bridge: Umahi
President Bola Tinubu’s government says its four legacy highway projects are progressing steadily, alongside the approval of new road contracts.
Abuja
Tinubu govt to revive women’s political empowerment centres
The government unveiled plans to revive Women Political Empowerment Centres across the six geopolitical zones to boost women’s participation in politics.
NationWide
Tinubu govt mobilises N8 billion for child nutrition
The federal government has mobilised over N7.6 billion for child nutrition, enabling essential micronutrients to reach millions of women and children.
