NGX opens trading week in red as investors shed N297bn

Nigerian Exchange opens the week negatively as investors lose N297bn in market value, despite robust trading activity with 39 gainers and 28 losers

[dropcap]T[/dropcap]he Nigerian Exchange (NGX) commenced the trading week on a bearish note, with investors experiencing a loss of N297 billion in market capitalisation at the close of trading on Monday.

Also read: SEC grants approval to two crypto exchanges in Nigeria

The All-Share Index (ASI) recorded a decline of 265.42 points, representing a 0.24 per cent decrease, to close at 108,467.98 points. Consequently, the market capitalisation also dipped by 0.43 per cent to settle at N68.1 trillion.

Despite this downturn in market value, trading activity remained buoyant. A total of 414.57 million shares were transacted across 16,664 deals, resulting in a market turnover of N10.71 billion.

When compared to the previous trading session on Friday, May 9, the volume of shares traded saw a 10 per cent decrease, and the turnover dropped by 4 per cent. However, the number of deals executed increased by 6 per cent.

Out of the 127 listed equities that participated in Monday’s trading, there were 39 gainers and 28 losers at the session’s close, indicating a mixed performance across the market.

Leading the pack of gainers was Multiverse Mining and Exploration Plc, which saw its share price surge by 10 per cent to close at N11.00. Following closely was Meyer Plc, also recording a 10 per cent gain to close at N8.80 per share.

Smart Products Nigeria Plc appreciated by 10 per cent to close at N0.55 per share, while Beta Glass Company Plc rose significantly by 9.99 per cent to end trading at N176.70 per share.

Honeywell McCallum Ltd gained 9.88 per cent to close at N4.67 per share, and Abbey Mortgage Bank Plc advanced by 9.86 per cent to settle at N7.69 per share.

The All-Share Index fell by 265.42 points, representing a decline of 0.24 per cent, to close at 108,467.98 points.”

Conversely, E-Tranzact International Plc topped the losers’ chart, experiencing a 10 per cent drop in its share price to close at N5.40.

Nigerian Aviation Handling Company Plc (NAHCO) fell by 9.64 per cent to N75.00, John Holt Plc shed 9.48 per cent to close at N5.25, and Union Dicon Salt Plc lost 9.47 per cent to end at N7.65 per share.

C&I Leasing Plc declined by 8.31 per cent to N3.86, and Linkage Assurance Plc saw its share price fall by 8.06 per cent to close at N1.14 per share.

In terms of trading volume, Tantalizers Plc led with 49.2 million shares traded, followed by VFD Group Plc with 48.9 million shares, Access Holdings Plc with 29.4 million shares, and Zenith Bank Plc with 24.3 million shares changing hands.

Performance across the various sector indices was mixed. The Top 30 Index declined by 0.24 per cent, while the Oil and Gas Index recorded a gain of 0.36 per cent.

The Insurance Index appreciated by 0.29 per cent, and the Industrial Goods Index saw a slight increase of 0.12 per cent. The Main Board Index slipped by 0.11 per cent, and the Banking Index declined by 0.24 per cent.

Despite the negative start to the week, the ASI still maintains positive returns over longer periods, with a 1-week gain of 1.66 per cent, a 4-week gain of 4.11 per cent, and a year-to-date return of 5.38 per cent.

Also read: Dangote Sugar, GTCO lead losers table at Nigerian Exchange Market

Earlier reports indicated that investors on the Nigerian Exchange Limited recorded a total turnover of 2.645 billion shares valued at N77 billion in 86,110 deals last week, showing an increase compared to the previous week.

Freelanews

Freelanews is a potpourri of news, entertainment, business, events and photos. This is no fake news.