NGX Extends Losses As Investors Take Profit, Market Cap Drops N545bn
- The stock market on Thursday extended its losing streak to two days, erasing the week’s earlier gains and pushing its weekly return into negative territory.
- The decline was driven by profit-taking in banking, consumer goods, industrial and oil and gas stocks.
- Omatek, Ellah Lakes and Royal Exchange were among the top decliners, while Champion Breweries and Access Holdings were among the most actively traded stocks.
PAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!
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 lower on Tuesday, August 18, as investors continued to take profits across several key sectors.
Data showed that the downturn was led by the banking sector, which declined by 1.83%. The consumer goods index also fell by 0.13%, while the oil and gas sector dipped by 0.01%.
Source: Getty Images
The insurance index gained 0.04%, while the industrial goods index closed flat.
The market’s All-Share Index (ASI) dropped by 843.42 points to 241,611.23 points from 242,454.65 points, while market capitalisation declined by N545 billion to N155.973 trillion from N156.518 trillion.
Investor sentiment remained weak, with 22 stocks recording gains against 37 decliners, resulting in negative market breadth.
Sector performance
- NGX Banking Index led the losers, dropping by 1.83%.
- NGX Consumer Goods Index declined by 0.13%.
- NGX Oil & Gas Index slipped by 0.01%.
- NGX Insurance Index gained 0.04%.
- NGX Industrial Goods Index closed flat.
Top losers
- Red Star Express fell by 10.00% to N16.20.
- Trans-Nationwide Express declined by 9.94% to N2.81.
- Meyer & Baker dropped by 9.88% to N15.05.
- Chellarams fell by 9.77% to N9.70.
- Fortis Global Insurance declined by 9.70% to N2.14.
Top gainers
- Haldane McCall surged by 9.97% to N3.20.
- Veritas Kapital climbed by 7.09% to N1.36.
- Tantalizers rose by 5.26% to N4.00.
- RT Briscoe appreciated by 4.31% to N10.90.
- Regency Alliance gained by 3.66% to N0.85.
Source: Facebook
Most active stocks
A total of 429.8 million shares worth N27.5 billion were traded in 35,683 deals, compared with 1.3 billion shares valued at N22.9 billion in the previous session, Punch reports.
- Sterling Financial Holdings led with 51.6 million shares valued at N390.6 million.
- FCMB traded 50.0 million shares worth N584.8 million.
- Chams exchanged 32.4 million shares valued at N134.5 million.
- Veritas Kapital recorded 180 million shares worth N24.3 million.
- First HoldCo traded 17.0 million shares valued at N2.2 billion.
Otedola invests N30bn to increase control of First Bank
Earlier, Legit.ng reported that First HoldCo Plc chairman, Femi Otedola, has continued to cement his stake in the company following his acquisition of approximately 680.8 million additional shares through a private placement at an estimated cost of N29.6 billion.
The transaction is expected to significantly strengthen his holdings in the company as First HoldCo continues its equity capital program.
The private placement offer size was around N45 billion.
Source: Legit.ng
