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Home Lead-In

Market Loses N32bn As Investors Shed Stocks

by Clement Uzo
12 months ago
in Lead-In
Reading Time: 2 mins read
Market
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The Nigerian Exchange (NGX) extended its downward trend this week, slipping marginally by 0.07 per cent to close with an All-Share Index of 99,051.02 points, down from yesterday’s 99,118.86 points. Equities saw a drop of N32 billion, with market capitalization decreasing to N56.032 trillion from yesterday’s N56.07 trillion.
Following the license revocation of Heritage Bank yesterday, Unity Bank continued its decline, falling by 9.42 per cent. This represents a total decline of 18.3 per cent over two days, with shares closing at N1.25.
Unity Bank emerged as one of the most actively traded stocks of the day, with approximately 20.529 million shares changing hands. This surge in trading activity reflects significant selloff of the stock amidst the Central Bank of Nigeria(CBN)’s recent actions against banks facing similar challenges.
Overall market activities saw a decline, with 7,978 deals compared to yesterday’s 8,082 deals. Turnover volume also decreased by 9.3 per cent to 316.923 million shares from yesterday’s 349.590 million shares.
Key gainers in the market were Nigerian Breweries, Presco Plc, and Oando Plc, which gained 10 per cent, 9.99 per cent, and 9.65 per cent respectively, resulting in equity gains of N26.78 billion, N26.70 billion, and N15.5 billion respectively.
Nigerian Breweries led gainers with a 10 per cent increase, showing positive momentum in its attempt to recover from a 20.6 per cent year-to-date decline. Presco Plc gained 9.99 per cent, bringing its year-to-date gain to 52.3 per cent, followed by Oando Plc with a gain of 9.65 per cent.
Tantalizers led the losers with a 10 per cent decline, followed by International Energy Insurance, UPDC, Unity Bank, Chams, and Cornerstone Insurance.
Top traded stocks included Veritas Capital, Fidelity Bank, Oando, Unity Bank, and UBA, with Airtel Africa recording the highest turnover value of N2.43 billion, followed by Guinness Nigeria and Seplat.
Zenith Bank recorded a 3.03 per cent loss, while other members of the category, including Airtel Africa, BUA Cement, Dangote Cement, and MTN Nigeria, saw no changes.
Negative sentiments were observed towards top tier banking stocks, with FBN Holdings, UBA, and Zenith Bank experiencing losses, while Access Holdings and GTCO Holdings remained unchanged.

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