Nigerian Stocks Extend Losing Streak As Market Loses N1.67trn
- The Nigerian stock market extended its decline to two consecutive sessions as the All-Share Index fell by 1.05%
- Market capitalisation dropped by N1.67 trillion to N157.05 trillion amid broad-based selling pressure
- Only 11 stocks gained, while 44 declined, with Omatek, Zichis and FTN Cocoa among the biggest losers
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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 recorded a second straight day of losses on Wednesday as selling pressure across major listed equities wiped N1.67 trillion from the total value of the market.
The Nigerian Exchange (NGX) All-Share Index shed 2,579.01 points, or 1.05%, to close at 242,223.10 points. Overall market capitalisation fell from the previous session's level to settle at N157.050 trillion.
The back-to-back decline brought the market's year-to-date return down to 55.66%.
Source: Getty Images
Market Turns Negative
Losers heavily outnumbered gainers during the session, with 44 stocks declining against just 11 advancing. Champion Breweries topped the gainers, rising 9.90% from N10.10 to N11.10.
VFD Group followed with a 9.52% rise from N10.50 to N11.50, while UPDC climbed 5.88% from N3.40 to N3.60. Ikeja Hotel added 4.58%, closing at N44.50 from N42.55, and Cutix edged up 3.06% from N2.29 to N2.36.
On the downside, Omatek, Zichis Agro-Allied Industries, Japaul Gold, FTN Cocoa Processors and McNichols each fell by 10%. Omatek dropped from N1.50 to N1.35, and Zichis fell from N17.10 to N15.39.
Japaul Gold shed value from N2.60 to N2.34, FTN Cocoa Processors declined from N8.50 to N7.65, and McNichols slipped from N5.00 to N4.50.
Trading Activity Declines
Investor participation also weakened during the session. A total of 534.45 million shares worth N22.28 billion changed hands across 46,943 transactions.
Compared to the previous session, traded volume fell 29.0% from 753.17 million units, transaction value dropped 19.9% from N27.82 billion, and the number of deals declined 13.2% from 54,051 transactions.
Sterling Financial Holdings Company was the most active stock by volume, with 78.11 million shares traded at a value of N582.15 million.
Mutual Benefits Assurance followed with 75.54 million shares worth N216.01 million.
Source: Facebook
Access Holdings recorded 25.11 million shares valued at N674.22 million, and Zenith Bank saw 22.10 million shares change hands for N2.67 billion.
Chams Holding Company rounded out the top five with 19.56 million shares valued at N64.49 million.
Leadership reports that analysts described the session as one dominated by bearish sentiment, with sustained selling pushing equities further into negative territory and all major activity indicators pointing to reduced market engagement.
Full list of banks and apps where you can buy shares
Earlier, Legit.ng reported that investors seeking to participate in the Dangote Refinery initial public offering (IPO) can purchase shares through a wide range of approved financial intermediaries, including banks, stockbrokers, fintech platforms and investment applications.
These platforms are part of the financial intermediary network designated to facilitate subscriptions to the offer, giving investors multiple channels through which to submit applications.
The available options include the Nigerian Exchange Limited (NGX) Invest Portal, among others.
Source: Legit.ng
