Investors lose N27bn on NGX as Presco, NEM Insurance lead losers’ list

Equity investors on the Nigerian Exchange Limited (NGX) lost N27 billion as market capitalisation closed at N25.47 trillion from N25.504 trillion.

At the close of the stock market on Friday, NGX traded a volume of 225.69 million shares, valued at N2.39 billion, in 4,093 deals.

This represents a 34.90 percent decline from Thursday when 346.70 million shares valued at N3.83 billion in 4,952 deals were traded. 

The All-Share Index also witnessed a decline by 49.88 points or 0.10 percent to close at 47,279.92 from 47,329.80 recorded on Thursday.

The market breadth closed with 18 gainers and 24 losers at the end of today’s trading on NGX. 

Fidelity Bank topped the list of traders by volume, trading 24.85 million shares valued at N71.19 million.

RTBriscoe followed with 23.62 million shares estimated at N6.89 million, while Transcorp traded 16.39 million shares worth N18.53 million.

Chams sold 15.24 million shares valued at N3.05 million, while Courtvellle Business Solutions traded 12.92 million shares worth N6.77 million.

Presco topped the ASI losers’ list, dropping by 10 percent to close at N94.50 per share.

NEM Insurance towed behind, losing 9.76 percent to close at N3.33, while International Breweries dropped 9.40 percent to close at N5.30 per share.

UPL dipped by 5.66 percent to close at N2.50, while Chams plunged 4.76 percent to close at N0.20 per share.

On the other hand, SCOA led the gainers’ list in percentage terms, gaining 9.65 percent to close at N1.25 per share.

Living Trust Mortgage gained 8.77 percent to close at N1.24, while Jaiz Bank followed with 5.97 percent to close at N0.71 per share.

Champion Breweries rose 4.76 percent to close at N2.20, while Guinea Insurance gained 4.76 percent to close at N0.22 per share.

Market analysts at Investment One said the equities market closed in negative today due to the losses recorded in the consumer goods and oil and gas sectors.

“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space,” analysts said.

“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”