On the most recent trading day, investors in the Nigerian Exchange Limited encountered a loss of N48 billion, ending the week on a pessimistic note. The primary indicators of stock performance exhibited a dip of 0.07 percent as evidenced by the data from NGX. As a result, there was a decrease in market capitalisation by the same percentage, equating to a N48 billion drop, finally closing at N70.462 trillion. Its preceding closing value was N70.510 trillion.
This minimal drop in the All-Share Index also mirrored the overall trend, declining by 0.07 percent or 76.07 points. The final values were 111,742.01, a decline from its previous day’s close at 111,818.08. This downswing was reportedly the aftermath of significant sell-offs in specific key stocks.
Having numbered among the stocks with the most drastic drops, Beta Glass, NCR Nigeria, Conoil, and Legend Internet, along with 33 others, were adversely affected. As a consequence of this action, the market breadth showed a negative closing with more decliners than gainers, specifically 37 and 28 respectively.
Detailed analysis, particularly of the greatest losers, showed Beta Glass sustaining a 10 percent decrease, finally shutting at N232.65. Similarly, NCR Nigeria also faced a loss equal to 10 percent of its stock value, concluding at N6.57 per share.
Among the other significant losses was Conoil, which suffered from a downward swing of 9.99 percent, finally standing at N298.10. Meanwhile, Legend Internet’s stocks also took a hit, losing 9.94 percent of its value and closing at N6.16 per share.
Another noteworthy loser in the stock exchange was Industrial Medical Gases, which recorded a 9.91 percent decline, finishing off the trading day at N33.65 per share.
On the brighter side of the market, Omatek witnessed a rise by 9.86 percent, closing at 78k, standing as a contrast to the overall negative trend. Red Star Express also saw an uplift, rising by 9.62 percent and wrapping up at N8.32 per share.
Deap Capital Management experienced a rise in its stocks by 9.38 percent, closing at a value of N1.05. Additionally, Sovereign Trust Insurance, another gainer in the market, ended the session on a high note, increasing its share by 9.09 percent to close at N1.08 per share.
Notably, May & Baker’s stocks also followed an upward trajectory, rising by 8.26 percent, and ending the day’s trading at N11.80 per share.
The trading session also revealed that an impressive total of 1.90 billion shares amounted to N64.14 billion were traded across a whopping 18,653 transactions. This was seen to markedly contrast the preceding day, where 556.45 million shares that equated to N17.17 billion were exchanged across 18,505 deals.
On drilling down into the particulars of the trading session, shares of United Bank for Africa led the activity, with an enormous 1.41 billion shares worth N49.02 billion in transactions being made.
The following share in the activity chart was United Capital. Their share turnover hit 66.84 million, corresponding to a value of N1.32 billion.
Access Corporation also featured prominently during the trading day, as around 53.97 million shares valued at N1.19 billion were sold.
Likewise, Fidelity Bank had considerable transactions, trading 31.38 million shares which were valued at N606.09 million.
Lastly, Zenith Bank’s trading activities were also quite active, as 29.93 million of its shares, amounting to N1.46 billion, were transacted.