Nigerian Stock Market Loses N468.6bn As Banking Stocks Lead Decline
- The Nigerian equities market closed in the red on Tuesday, shedding hundreds of billions in market capitalisation
- Banking, industrial goods and consumer goods sectors recorded losses, while insurance and growth stocks bucked the trend
- GTCO, UBA, Fidelity Bank, Access Holdings and Zenith Bank ranked among the most traded stocks during the session
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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 equities market ended Tuesday, September 29 on a bearish note, with sell-offs across the banking, industrial goods and consumer goods sectors weighing on overall performance.
The market’s capitalisation dropped by N468.63 billion to N163.53 trillion, compared with N163.999 trillion in the previous session. Meanwhile, the NGX All-Share Index fell 721.91 points from 252,635.11 to 251,913.20 points.
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Nigerian equities lose N468.6bn as banks drive sell-off
Trading activity also declined, with investors exchanging 548.65 million shares in 47,203 deals, compared with 1.024 billion shares traded in 61,661 deals in the previous session.
NGX sector performance breakdown
- NGX Banking Index led the losers, dropping by 0.91%.
- NGX Industrial Index also declined by 0.91%.
- NGX Consumer Goods Index fell by 0.83%.
- NGX Insurance Index was among the gainers, rising by 0.38%.
- NGX Growth Index increased by 0.87%.
- NGX Oil & Gas Index was broadly flat, edging up slightly to 6,244.49 points.
Nigerian stock market records losses as banks decline
NGX top losers
- Sovereign Trust Insurance fell by 9.92% to N2.36.
- Unilever Nigeria declined by 8.55% to N100.50.
- Neimeth Pharmaceutical dropped by 6.02% to N7.80.
- University Press fell by 6%.
- International Breweries declined by 5.45% to N9.55.
NGX top gainers
- NPF Microfinance Bank rose by 10% to N4.40.
- LivingTrust Mortgage Bank gained 10% to N2.86.
- Coronation Insurance increased by 9.95%.
- Wapic Insurance rose by 9.95% to N2.43.
- VFD Group advanced by 9.84% to N13.40.
Source: Getty Images
Most active stocks on NGX
A total of 548.65 million shares worth an undisclosed value were exchanged in 47,203 deals.
- GTCO led with 88.73 million shares traded.
- UBA followed with 48.84 million shares.
- Fidelity Bank recorded 45.64 million shares.
- Access Holdings traded 41.81 million shares.
- Zenith Bank recorded 34.21 million shares.
- Chams Holding Company recorded 29.69 million shares.
Dangote offers Nigerians a chance to own shares in refinery
Earlier, Legit.ng reported that Aliko Dangote, President of Dangote Industries Limited, said on Monday that domestic workers, traders, drivers, cooks, and managers will all be eligible to buy shares in the Dangote Petroleum Refinery and Petrochemicals when it launches its Initial Public Offering (IPO).
Dangote announced the IPO's registration-document signing ceremony in Lagos, calling the offer an "IPO for the people" designed to give ordinary Nigerians and other Africans a direct stake in Africa's largest oil refinery.
The offer price is set at N525 per share. An investor with N500,000 can purchase 952 shares, spending N499,800.
Source: Legit.ng
