5 Companies Stocks Performance Cause Market’s New Dip on Wednesday
- The stock market on Wednesday extended its losing streak to three days, recording a 0.45% negative performance
- 5 companies led by Axa Mansard Insurance, Learn Africa, and Legend Internet dragged the market lower
- The most trading companies stocks on Wednesday were Access Holdings, UBA, Fidelity Bank , GTCO and AIICO
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market closed negative after trading session on Wednesday, September 3.
Data showed that at the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) decreased from 138,780.55 points to 138,157.16 points.
Source: Getty Images
Market capitalisation fell from N87.810 trillion to N87.416 trillion, indicating investors lost N394 billion in one day of trading.
On Wednesday, the market’s year-to-date return dropped to 34.23%.
Top losers
- Learn Africa fell from N7.80 to N7.02, losing N0.78 or 10.00%.
- Daar Communications dropped from N1.00 to N0.90, shedding N0.10 or 10.00%.
- Legend Internet declined from N5.30 to N4.77, losing N0.53 or 10.00%.
- Axa Mansard Insurance dropped from N15.98 to N14.39, losing N1.59 or 9.95%.
- Universal Insurance fell from N1.25 to N1.13, down N0.12 or 9.60%.
Top gainers
- Neimeth Science and Technology Plc rose from N0.88 to N0.96, gaining N0.08 or 9.09%.
- Consolidated Hallmark Holdings Plc advanced from N3.87 to N4.20, adding N0.33 or 8.53%.
- John Holt Plc increased from N6.30 to N6.80, up N0.50 or 7.94%.
- Cadbury Nigeria Plc rose from N55.00 to N58.00, gaining N3.00 or 5.45%.
- Wema Bank Plc advanced from N20.70 to N21.80, adding N1.10 or 5.31%.
Source: Getty Images
Most active stocks
A total of 482.76 million shares worth N19.67 billion were exchanged in 28,193 deals.
Here are the top trades for Wednesday
- Access Holdings Plc traded 43.03 million shares valued at N1.10 billion.
- Fidelity Bank Plc exchanged 40.13 million shares worth N843.77 million.
- Guaranty Trust Holding Company Plc recorded 34.85 million shares valued at N3.16 billion.
- United Bank for Africa Plc traded 33.43 million shares worth N1.54 billion.
- AIICO Insurance Plc recorded 29.08 million shares valued at N91.57 million.
Naira appreciates in FX markets
Earlier, Legit.ng reported that the value of the naira appreciated slightly against the United States dollar in the Nigerian Foreign Exchange Market (NFEM) on Tuesday, September 2.
Data from the market showed that the Nigerian currency strengthened by 34 kobo or 0.02% to close at N1,525.76/$1, compared with the previous day’s value of N1,526.10/$1.
Meanwhile, the exchange rate of the naira to the dollar, pound, euro in the parallel market, commonly called the black market, remained stable.
Source: Legit.ng
