NGX Extends Losing Streak to Five Sessions As Investors Lose N256bn

• The Nigerian stock market extended its losing streak to five consecutive sessions as investors lost N256 billion
• The decline pushed the NGX All-Share Index down by 0.16%, while market capitalisation fell to N162.495 trillion
• Critical Minerals Fin. Corp, ABC Transport and CWG were among the biggest decliners, while Access Holdings led trading activity

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, October 6, extending its losing streak to five consecutive trading sessions.

The latest decline came as investors continued to sell off some equities, with the banking sector recording one of the biggest sectoral losses during the session.

At the close of trading, the NGX All-Share Index (ASI) dropped by 394.36 points, or 0.16%, to 250,273.50 points from 250,667.86 points.

Market capitalisation also declined by N256 billion to N162.495 trillion from N162.751 trillion in the previous session.

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The market has now recorded losses in every trading session since Tuesday, September 29.

NGX sector performance breakdown

• NGX Banking Index recorded the biggest sectoral decline, falling by 1.25%.
• NGX Insurance Index was the strongest performer, rising by 0.53%.
• NGX Consumer Goods Index slipped by 0.04%.
• NGX Industrial Index was virtually flat, gaining 0.003%.
• NGX Oil & Gas Index also remained broadly unchanged, declining by 0.002%.

NGX top losers

• Critical Minerals Fin. Corp dropped from N4.05 to N3.65, losing N0.40 (–9.88%).
• ABC Transport Plc fell from N6.70 to N6.05, shedding N0.65 (–9.70%).
• CWG Plc declined from N20.75 to N19.25, losing N1.50 (–7.23%).
• Zichis Agro Allied dropped from N18.25 to N17.05, down N1.20 (–6.58%).
• Neimeth International Pharmaceuticals fell from N8.10 to N7.60, losing N0.50 (–6.17%).

NGX top gainers

• Tripple Gee & Co. Plc rose from N2.56 to N2.81, gaining N0.25 (+9.77%).
• Livestock Feeds Plc increased from N9.75 to N10.70, adding N0.95 (+9.74%).
• NPF Microfinance Bank advanced from N4.20 to N4.60, gaining N0.40 (+9.52%).
• Sovereign Trust Insurance rose from N2.31 to N2.50, up N0.19 (+8.23%).
• Coronation Insurance increased from N2.21 to N2.38, gaining N0.17 (+7.69%).

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Most active stocks on NGX

A total of 579.17 million shares were traded in 40,979 deals, representing a 33.83% decline in volume compared with the previous session.

• Access Holdings led activity with 192.58 million shares traded in 1,887 deals.
• United Bank for Africa traded 32.75 million shares.
• Zenith Bank recorded 30.82 million shares.
• Fidelity Bank exchanged 29.92 million shares.
• Guaranty Trust Holding Company traded 19.56 million shares.

Dangote offers students free shares in refinery IPO

Earlier, Legit.ng reported that the Aliko Dangote Foundation (ADF) has 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, students must complete a verification process and subscribe to at least 10 shares through the foundation's dedicated platform, ipo.alikodangotefoundation.org.

Source: Legit.ng