NGX Reverses Gain as Investors Lose N70bn

Nigerian Stock Exchange with market operators

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The Nigerian Exchange closed negatively on Wednesday, as the equities market reversed the previous day’s gains, with investors losing approximately N70bn in market capitalisation.

The All-Share Index shed 111.37 points, representing a 0.1 per cent decline, to close at 109,619.10 points. Consequently, the overall market capitalisation dipped from N69.0 tn to N68.9 tn.

Despite the market loss, trading activity improved, as investors exchanged 664.16 million shares worth N13bn in 19,439 deals. This represents a 34 per cent increase in trading volume, although turnover declined by two per cent compared to the previous trading day.

The market breadth was marginally positive, with 29 stocks recording gains against 28 losers, while 67 equities closed flat.

RT Briscoe Nigeria Plc led the gainers’ chart with a 10 per cent increase to close at N2.09 per share. It was followed by Eunisell Interlinked Plc, which rose by 9.75 per cent to close at N12.95. Livestock Feeds Plc appreciated by 9.61 per cent to settle at N8.90, while Linkage Assurance Plc gained 9.46 per cent to close at N1.62 per share. Other notable gainers include Meyer Plc, which rose by 8.89 per cent to N9.80, and Mutual Benefits Assurance Plc, which closed 8.70 per cent higher at N1.00.

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On the flip side, Champion Breweries Plc topped the losers’ table with a 10 per cent decline to close at N7.20. Lasaco Assurance Plc also fell by 10 per cent to close at N2.52. McNichols Plc dipped by 9.45 per cent to N2.30, while Multiverse Mining and Exploration Plc lost 7.22 per cent to close at N9.00. Sovereign Trust Insurance Plc depreciated by 6.80 per cent to N0.96, and Tantalizers Plc fell by 6.47 per cent to N2.60.

Japaul Gold and Ventures Plc was the most actively traded stock, with 90 million shares exchanged. It was followed by Tantalizers Plc with 82.7 million shares, Fidelity Bank Plc with 67.7 million shares, and Nigerian Breweries Plc with 52.2 million shares.

The Insurance Index emerged as the day’s best-performing index, rising by 1.14 per cent, while the Consumer Goods Index advanced by 0.49 per cent. The Main Board Index gained 0.07 per cent. However, the Top 30 Index declined by 0.13 per cent, the Industrial Goods Index dropped by 0.11 per cent, and the Pension Index was down by 0.15 per cent.

Despite the day’s loss, the ASI still holds a year-to-date return of 6.5 per cent, with a one-week gain of 0.51 per cent and a four-week gain of 4.66 per cent.

Meanwhile, Nestle Nigeria Plc, Triple Gee and Company Plc, and Regency Alliance Insurance Plc experienced stock appreciation as the Nigerian stock market rebounded on Tuesday with a gain of N20bn in market capitalisation.