Nigerian Stocks Lose N719bn As First Holdco, Others Drag Market Down
- Nigerian stocks fall 0.44% as First Holdco, others drag market capitalisation down by N719 billion
- First Holdco, Tripple Gee, eTranzact and Royal Exchange led the losers, while Sovereign Trust Insurance topped the gainers
- Market activity declined sharply as investors traded 404.1 million shares worth N27.9 billion in 39,012 deals
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria’s stock market declined by 0.44% on Wednesday, October 28, as profit-taking in the financial services sector weighed on investor sentiment.
Data from the Nigerian Exchange Limited (NGX) showed that the All-Share Index (ASI) fell by 1,107.28 points to 252,882.78 points from 253,990.06 points in the previous session.
Source: Getty Images
Market capitalisation also dropped by N719 billion to N164.194 trillion from N164.913 trillion.
The banking sector led the sectoral losses, declining by 2.36%, while the insurance sector shed 0.13%. Gains recorded in other sectors were insufficient to reverse the market's downward movement.
Market breadth was negative, with 30 stocks closing lower against 26 gainers.
Top gainers
- Sovereign Trust Insurance Plc gained 10.00%, closing at N1.98 per share.
- UPDC Real Estate Investment Trust (UPDC REIT) advanced by 9.61% to N21.10 per share.
- Austin Laz Plc rose by 9.21% to N2.61 per share.
- United Bank for Africa (UBA) gained 6.83% to close at N43.00 per share.
- CMFC Plc appreciated by 5.71% to N3.33 per share.
Top losers
- First Holdco Plc declined by 10.00% to close at N139.50 per share.
- Tripple Gee and Company Plc fell by 5.51% to N2.40 per share.
- eTranzact International Plc dropped by 4.76% to N16.00 per share.
- Royal Exchange Plc lost 4.76%, closing at N1.00 per share.
- Fortis Global Insurance Plc declined by 4.76% to N1.60 per share.
Top active trades
Trading activity weakened compared with the previous session, when 5.2 billion shares worth N441.5 billion were exchanged in 35,946 deals.
On Wednesday, investors traded 404.1 million shares valued at N27.9 billion in 39,012 deals. The number of deals increased by 8.53%, while trading volume and value declined by 92.23% and 93.68%, respectively.
Source: Getty Images
The most actively traded stocks by volume were:
- United Bank for Africa Plc recorded 30.7 million shares valued at N1.6 billion.
- Access Holdings Plc exchanged 30.7 million shares worth N881.5 million.
- Zenith Bank Plc traded 30.6 million shares valued at N3.7 billion.
- Guaranty Trust Holding Company Plc (GTCO) recorded 26.3 million shares worth N3.2 billion.
- Fortis Global Insurance Plc traded 16.4 million shares valued at N27.5 million.
Dangote to sell another of his company’s shares
Earlier, Legit.ng reported that Africa’s richest man, Aliko Dangote, has announced plans to sell at least 10% of his multibillion-dollar fertiliser business in Ethiopia to local investors, opening the door for ordinary Ethiopians to own shares in one of the country’s biggest industrial projects.
The proposed sale will take place through the Ethiopian Securities Exchange once the $4 billion fertiliser plant begins operations and production stabilises.
Dangote said the listing would allow Ethiopian investors to participate directly in the venture’s future growth.
Source: Legit.ng
