Market reverses gains, dips by N65 billion

The Nigerian Exchange Limited (NGX) reversed gains to close on a downward note yesterday , with market capitalisation declining by N65 billion.

Yesterday, the market capitalisation of listed equities declined by 0.1 per cent or N65 billion N54.982 trillion from N55.047 trillion reported the previous day.

The NGX All Share Index also depreciated by 112.46 basis points to 95719.05 points from 95831.51 points recorded on Wednesday.

On will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “With the capital market environment bereft of drivers to alter the risk-off stance towards the equity market, we do not foresee a situation where the market will end the week in the green; that said, we expect buy-side interest to remain skewed towards low-mid cap names in tomorrow’s action.”

SCM Capital said: “The market continues to trade within the value area, presenting entry opportunities for discerning investors and traders. Transaction volume patterns and support levels are signaling further buying opportunities, even as market participants look ahead to the forthcoming release of the Q2 2024 GDP report, along with audited half-year earnings and interim dividend declarations.”

On the price movement chart, Academy Press, SFS Reit led gainers’ table with 10 per cent each to close at N2.75 and N122.65 kobo respectively while Oando Plc followed with a gain of 9.99 per cent to close at N43.50 kobo. RTBriscoe increased by 9.78 per cent to close at N2.47 kobo. IMG also gained 9.09 per cent to close at N24.

On the contrary, Transco Hotel topped losers’ chart, declining by 10 per cent to close at N90. Chams Plc trailed with a loss of 9.72 per cent to close at N1.95 kobo, Eterna Plc fell by 9.55 per cent to close at N19.90 kobo, Ikeja Hotel dipped by 9.09 per cent to close at N7 while Thomas Wyatt was down by 8.88 per cent to close at N1.54 kobo.

Volume of trades increased by 13.062 basis points, representing 3.62 per cent as investors traded 393.620 million shares valued at N5.853 billion in 8243 deals against 360.558 million shares worth N7.252 billion exchanged hands the previous day in 8813 deals.