Investors Lost N73bn as Midweek Trading Closed Lower
- The NGX has extended its bearish run as investors booked profits, causing the All-Share Index (ASI) to decline 0.06%
- In the last trading session, Jaiz Bank Plc, Okomu Oil Palm Company Plc, Transnational Express Plc and Fortress Insurance Company Plc led the gainers’ table.
- The losers’ table was topped by Lotus Halal ETF, RT Briscoe Plc, ABC Transport Plc and Skyway Aviation Handling Company Plc
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Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market extended its bearish run on Wednesday, with the benchmark All-Share Index (ASI) declining by 0.06% to close at 194,370.20 points, down from 194,484.61 points recorded in the previous session.
Investors lost N73.45 billion in market value, as the year-to-date (YTD) return moderated to 24.91%.
Source: Getty Images
Market breadth closed negative, with 54 decliners against 22 gainers, reflecting sustained sell pressure across key sectors. Jaiz Bank Plc topped the gainers’ chart, while ABC Transport Plc and RT Briscoe Plc led the decliners.
Despite the market decline, trading activity improved significantly, as total volume rose by 19.32% to 1.36 billion shares valued at N45.36 billion across 69,642 deals.
Fortress Insurance Company Plc recorded the highest volume with 193.69 million shares, representing 14.27% of the day’s total volume.
Zenith Bank Plc posted the highest traded value at N11.07 billion, accounting for 24.40% of total value exchanged. Zenith Bank Plc and Fortress Insurance Company Plc accounted for 8.89% and 8.46% of total volume, respectively, while Guaranty Trust Holding Company Plc and Aradel Holdings Plc followed in traded value.
Top 5 gainers
- Jaiz Bank Plc gained 9.95% to close at N14.03.
- Okomu Oil Palm Company Plc rose 9.93% to N1,765.00.
- Transnational Express Plc advanced 9.77% to N2.36.
- Fortress Insurance Company Plc climbed 9.72% to N0.79.
Top 5 decliners
- Lotus Halal Equity Exchange Traded Fund fell 10.00% to N178.65.
- RT Briscoe Plc declined 10.00% to N10.35.
- ABC Transport Plc dropped 10.00% to N6.75.
- Skyway Aviation Handling Company Plc slipped 9.98% to N139.35.
- Haldane McCall Plc shed 9.93% to N3.99.
Source: Getty Images
Top traded stocks by volume
- Fortress Insurance Company Plc traded 193.69 million shares valued at N152.66 million.
- Zenith Bank Plc exchanged 120.67 million shares worth N11.07 billion.
- Japaul Gold & Ventures Plc traded 114.77 million shares valued at N406.97 million.
- Ellah Lakes Plc recorded 98.37 million shares worth N999.22 million.
- Access Holdings Plc posted 63.10 million shares valued at N1.69 billion.
UBA N157 billion rights issue
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) reviewed the capital requirements for all banks in March 2024, setting a two-year deadline
Five banks have already met the new capital requirements, while several others are still exploring ways to raise funds.
United Bank for Africa Plc (UBA) has taken steps to meet the N500 billion benchmark for national commercial banks.
Source: Legit.ng
