Sunday, 3rd July 2022
<To guardian.ng
Search
Breaking News:

Investors’ wealth dip further by N58 billion

By Helen Oji
09 March 2022   |   2:04 am
The Russian-Ukrainian conflict may have continued to take toll on the equities sector of the Nigerian Exchange Limited (NGX) as the market extended its bearish trend, causing market capitalisation to dip further by N58 billion.

The Russian-Ukrainian conflict may have continued to take toll on the equities sector of the Nigerian Exchange Limited (NGX) as the market extended its bearish trend, causing market capitalisation to dip further by N58 billion.

Specifically, at the close of trading yesterday, the All-Share Index (ASI) declined by 108.26 per cent, representing a decrease of 0.23 per cent, to close at 47,154.35 points. Similarly, the overall market capitalisation value lost N58 billion to close at N25.414 trillion.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are; Nestle Nigeria, Conoil, Nigerian Breweries, Flour Mills of Nigeria and Lafarge Africa.

GTI Securities Limited said, “The Nigerian domestic market extended its bearish trend to five consecutive days, as investors weigh the risk of the Russian-Ukrainian war on the local bourse. However, we expect bulls to return to the market given the spate of corporate actions, we anticipate improved market activity to encourage a bullish response this week.”

Vetiva Dealings and Brokerage said: “Barring any block transactions, we are likely to see a tepid session tomorrow amid recoveries in some of the major sectors.”

The market breadth was negative as 28 stocks declined relative to 16 gainers. Northern Nigeria Flour Mills (NNFM) and Niger Insurance recorded the highest price gain of 9.52 per cent to close at 23 kobo.

Consolidated Hallmark Insurance followed with a gain of 8.47 per cent to close at 64 kobo, while Cutix Plc rose by 8.30 per cent to close at N2.48 kobo.

Nigerian Exchange Group (NGX Group) rose by 6.97 per cent to close at N22.25 kobo while UPDC Real Estate Investment Trust (UPDC) gained 5.56 per cent to close at 95 kobo.

On the other hand, Conoil and Jaiz Bank led the losers’ chart by 10 per cent each to close at N23.85 and 72 kobo respectively, while University Press followed with a decline of 9.97 per cent to close at N2.62 kobo.

NEM Insurance declined 9.87 per cent to close at N3.56, while R.T. Briscoe Nigeria shed 9.68 per cent to close at 56 kobo.

The total volume traded increased by 158.6 per cent to 754.933 million units, valued at N3.638 billion, and exchanged in 4,330 deals. Transactions in the shares of Unity Bank topped the activity chart with 525.278 million shares valued at N262.467 million.

Guaranty Trust Holding Company (GTCO) followed with 29.354 million shares worth N766.262 million, while United Bank of Africa (UBA) traded 17.980 million shares valued at N151.123 million.

Zenith Bank traded 14.268 million shares valued at N382.959 million, while Japaul Gold and Ventures transacted 13.208 million shares worth N4.592 million.