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Nigeria Stock Market Records First Loss After 27 Consecutive Trading Days
Money

Nigeria Stock Market Records First Loss After 27 Consecutive Trading Days

by  Dave Ibemere
2 min read

The Nigerian Exchange (NGX) Limited, for the first time in 27 consecutive days, recorded a decline on Friday, August 8

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This strong performance in the previous trading days was disrupted by profit-taking in MTN Nigeria, BUA Cement, Lafarge Africa, Abbey Mortgage Bank, and 25 other equities.

Nigerian stock market decline again
The Nigerian stock market declined for the first time since July 1 Photo credit: Nurphoto
Source: Getty Images

Data from NGX showed that at the close of trading, the All-Share Index (ASI) fell by 0.56% or 815.80 points to 145,754.91 points from 146,570.71 points the previous day.

While market capitalisation contracted by N516 billion to N92.215 trillion from N92.731 trillion.

On Friday, investors traded 2.2 billion shares valued at N32.4 billion in 35,036 deals, compared with 2.0 billion shares worth N27.3 billion in 35,291 deals on Thursday.

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This represents an increase of 10.00% in volume and 18.68% in value, alongside a 0.72% decline in the number of deals.

Despite the downturn, Customs Street recorded 42 price gainers against 29 price losers, indicating a positive market breadth index and strong investor sentiment.

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Top losers on Friday included:

  • Abbey Mortgage Bank: Fell 9.87% to N6.30
  • Custodian Investment: Dropped 8.48% to N40.45
  • Deap Capital: Declined 7.53% to N1.35
  • The Initiates: Lost 7.34% to N12.00
  • NPF Microfinance Bank: Shed 7.25% to N3.20

Top gainers included:

  • Champion Breweries: Rose 10.00% to N14.41
  • Union Dicon: Gained 10.00% to N9.90
  • Universal Insurance: Added 10.00% to N1.10
  • Guinness Nigeria: Increased 9.99% to N155.75
  • AXA Mansard: Grew 9.99% to N14.64

Sector performance:

The industrial goods sector dropped 1.54%, while the consumer goods index dipped 0.02%. The commodity index closed flat.

The insurance sector maintained its positive momentum, rising 16.11%. The energy index advanced 0.38%, and the banking index grew 0.19%.

Most actively traded equities:

  • Linkage Assurance: 585.6 million units worth N1.2 billion
  • Universal Insurance: 213.2 million units worth N234.5 million
  • AIICO Insurance: 178.5 million units worth N618.1 million
  • Mutual Benefits: 137.8 million units worth N402.5 million
  • Sterling Holdings: 115.3 million units worth N927.4 million

Read also

Nigeria stock market rises again as 4 stocks deliver over 300% returns

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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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