Nigerian Stock Market Declines 0.12% Despite Strong Performances by Top Gainers
- The Nigerian Exchange closed lower, with the All-Share Index shedding 306.76 points to settle at 250,501.51 points
- Sovereign Trust Insurance, FTN Cocoa Processors, and Triple Gee each posted gains of close to 10%, bucking the broader market trend
- Critical Minerals Financing and ABC Transport led the decliners, while the Financial Services sector
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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 closed slightly lower on Monday, October 5, as investors remained cautious despite gains in selected insurance, agricultural, and technology stocks.
The NGX All-Share Index declined by 306.76 points, or 0.12%, to close at 250,501.51 points.
Source: Facebook
Trading activity remained strong during the session, with 875.26 million shares exchanged in 53,797 deals.
NGX top gainers
Sovereign Trust Insurance led the gainers’ chart, rising by 10.00% to close at N2.31.
FTN Cocoa Processors followed with a 9.97% gain to N8.38, while Triple Gee and Company advanced by 9.87% to N2.56.
Learn Africa gained 9.80% to close at N8.40, while Livestock Feeds rose by 9.55% to N9.75.
NGX top losers
Critical Minerals Financing led the decliners, falling by 9.80% to close at N4.05.
ABC Transport fell 9.46% to N6.70, while Africa Prudential dropped 7.31% to N10.15.
Japaul Gold & Ventures fell by 6.94% to N2.68, while Coronation Insurance declined by 6.36% to close at N2.21.
The Financial Services sector dominated trading activity across the Premium and Main Boards, accounting for more than 517 million shares traded.
Access Holdings led activity in the sector with 440.65 million shares traded, followed by Fidelity Bank with 34.25 million shares and Zenith Bank with 25.44 million shares.
Source: Getty Images
Tech and consumer stocks
Chams Holding Company drove trading activity in the technology sector, recording 25.80 million shares across 809 deals.
MTN Nigeria Communications gained 0.24% to close at N842.00.
In the consumer goods sector, Nestle Nigeria declined by 5.17% to N2,750.00, weighing on the sector’s performance.
Dangote Sugar Refinery, however, gained 2.94% to close at N70.00.
Dangote offers students free shares in refinery IPO
Earlier, Legit.ng reported that the Aliko Dangote Foundation (ADF) unveiled a Student Share Grant Initiative that will give qualifying Nigerian students 10 free shares in Dangote Petroleum Refinery and Petrochemicals FZE after they subscribe to the company's ongoing initial public offering (IPO).
The programme is open to students aged 18 and above who are enrolled in public or private tertiary institutions across Nigeria.
To qualify, a student must complete a verification process and subscribe to a minimum of 10 shares through the foundation's dedicated platform, ipo.alikodangotefoundation.org.
The foundation will then fund the additional 10 shares in the student's name at no cost to them.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
