Stocks Market Close Trading Bearish After Trading on Thursday
- Stock market fell as investors took profits across major companies, particularly in cement, oil and gas, and banking sectors
- The gainers’ table was led by Infinity Energy Resources, United Homes Real Estate Investment Trust, John Holt Plc, NCR Nigeria Plc
- The losers’ table included Omatek Ventures Plc, International Energy Group Plc, International Breweries Plc, Nigerian Enamelware Manufacturing Company
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 bearish with the benchmark All-Share Index down 0.52%, driven by sell-offs.
Data from NGX showed that at the close of trading on Thursday, January 22, the All-Share Index stood at 165,397 points, down from 166,268 points the previous day.
Source: Getty Images
Investors’ wealth declined by N557 billion, with market capitalisation closing at N105.89 trillion.
On Thursday, market sentiment was bearish, with 39 companies losing value, led by Omatek Ventures, against 36 companies gaining, led by United Homes Real Estate Investment Trust, Infinity Energy Resources, John Holt, and NCR Nigeria.
Market activity rose, with total volume traded increasing by 3.43% to 823 million shares, valued at N24.93 billion across 43,548 deals.
Top 5 Gainers
- Infinity Energy Resources rose by N0.70, increasing from N7.00 to N7.70 per share (+10.00%)
- United Homes Real Estate Investment Trust gained N5.90, moving from N59.00 to N64.90 per share (+10.00%)
- John Holt advanced by N0.70, rising from N7.00 to N7.70 per share (+10.00%)
- NCR Nigeria appreciated by N17.10, climbing from N171.05 to N188.15 per share (+10.00%)
- FGS UK 2033S6 added N10.00, up from N100.00 to N110.00 per share (+9.99%)
Top 5 Decliners
- Omatek Ventures dropped by N0.22, falling from N2.34 to N2.12 per share (-9.40%)
- International Energy Group declined N0.20, moving from N3.30 to N3.10 per share (-6.06%)
- International Breweries lost N0.90, falling from N15.00 to N14.10 per share (-6.00%)
- Nigerian Enamelware Manufacturing Company decreased by N1.90, from N33.90 to N32.00 per share (-5.60%)
- West African Portland Cement Company fell by N8.00, down from N158.00 to N150.00 per share (-5.06%)
Source: Getty Images
Top 5 Trades by Volume
- Access recorded 54.28 million shares valued at N1.23 billion
- DEAP Capital traded 51.16 million shares worth N300 million
- Tantalizer exchanged 41.86 million shares valued at N170 million
- Omatek Ventures moved 33.52 million shares worth N78 million
- Japaul Gold & Ventures traded 31.50 million shares valued at N80 million
UBA right issue
Earlier, Legit.ng reported that United Bank for Africa Plc (UBA) has secured N157 billion rights issue as part of efforts to meet the minimum capital requirement of N500 billion for national commercial banks.
In March 2024, the Central Bank of Nigeria (CBN) revised the capital requirements for all banks, giving them a two-year window to comply.
While five banks have already met the threshold, others, including UBA, are exploring strategies to raise the necessary funds.
Source: Legit.ng
