Investors have suffered significant losses for the second time this week, with the Nigerian Exchange Ltd. (NGX) market indices declining by 0.08%, translating to a N44 billion loss.
Selloffs in major companies such as Seplat, Fidelity Bank, and Transnational Corporation, along with 34 other declining stocks, have driven this downturn. The NGX All-Share Index dropped to 99,221.14 from last week’s 99,300.38, while the market capitalisation fell to N56.128 trillion from N56.172 trillion.
Stock market analysts advised, “Investors are encouraged to trade in stocks of companies with sound fundamentals.”
During the week, various market indices showed a mixed performance. While the NGX Main Board, NGX Insurance, and NGX Consumer Goods indices saw slight gains of 0.08%, 0.84%, and 0.33%, respectively, all other indices finished lower. The NGX ASeM, NGX Industrial Goods, and NGX Sovereign Bond indices remained unchanged.
The week also saw a lower number of appreciating equities, with 35 stocks rising in price compared to 45 in the previous week. Conversely, 37 equities depreciated in price, an increase from the previous week’s 25. The number of unchanged equities dropped slightly to 82 from 84.
Among the losers, Unity Bank led with a 21.57% decrease to close at N1.20 per share. Sovereign Trust Insurance followed with a 13.64% drop to 38k per share. Transnational Corporation, Sunu Assurances, and Prestige Assurance also saw significant declines of 11.21%, 10.85%, and 10.71%, respectively.
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On the gainers’ side, RT Briscoe topped the list with a 25% increase to close at 60k per share. Oando Plc followed closely with a 23.73% rise to N14.60, and Eterna Plc gained 22.45% to close at N15 per share. Deap Capital Management and Trust Plc saw a 20% increase to 48k, while Red Star Express Plc added 15.73% to close at N3.90 per share.
The total turnover for the week was 1.703 billion shares worth N30.495 billion in 37,765 deals. This was a decrease from the previous week’s 2.189 billion shares valued at N31.303 billion traded in 39,362 deals.
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