NGX: Investors Gain N313bn As ASI Rebound By 0.70%

Oando, Omatek Top Losers In N90bn Market Capitalization Drop

8 months ago
1 min read

The Nigerian Exchange Limited (NGX) experienced a rocky start as it reopened for transactions on Monday, with the market capitalization plummeting by N90 billion.

Notably, it was the blue-chip stocks, including prominent names like Okomuoil and Stanbic IBTC, that bore the brunt of the losses, setting a sober tone for investors.

The All-Share Index (ASI) recorded a loss of 162.76 points, equating to a 0.24 percent decline, closing at 67,037.93 points. The market capitalization, reflecting the overall value of listed equities, also experienced a stark fall to settle at N36.830 trillion.

The downward trend of the day was driven by medium and large-capitalized stocks that suffered losses. Among the prominent names facing the heat were Okomuoil, Stanbic IBTC, Eternaoil, Cadbury, Oando, Vitafoam, and Custodian & Allied Insurance.

When analyzed by market breadth, the market sentiment appeared decidedly negative. Out of the total stocks, 19 recorded gains, while 23 found themselves on the losers’ chart.

READ ALSO: Nigerian Equities Market Surges with N409bn Gains In One Week

Sovereign Trust Insurance and Stanbic IBTC Holdings took the lead among the decliners, both experiencing a 10 percent decline and closing at 36 kobo and N72, respectively. Okomu Oil was not far behind, with a decline of 9.96 percent, closing at N236.80 kobo.

Oando, saw a 9.24 percent drop in its stock price, closing at N8.35 kobo. Omatek Ventures was no exception to the trend, losing 8.70 percent to close at 42 kobo. Meanwhile, Eterna Oil recorded a decrease of 8.05 percent, closing at N13.70 kobo. Other notable names in the losers’ category included Veritas Kapital, Cadbury, Cutix, and AIICO, each experiencing significant percentage drops.

In contrast, some stocks managed to defy the bearish trend. Royal Exchange emerged as the highest price gainer, marking an 8.51 percent increase to close at 51 kobo. Consolidated Hallmark Insurance followed suit, experiencing a 6.96 percent gain and closing at N1.23 kobo, while NASCON Allied Industries advanced by 5.45 percent, closing at N58 kobo.

Dangote Sugar Refinery appreciated by 3.13 percent, closing at N62.60 kobo, and Flourmills added 4.20 kobo to close at N31. TransNational Corporation of Nigeria recorded a 2.94 percent increase, closing at N6.30 kobo. Several other stocks, including Lasaco, Mansard, Sterling Bank, and United Bank for Africa, also saw positive movements in their prices.

The volume of trades observed a decline of 3.6 percent, with 8.002 million shares traded. This amounted to a total value of N3.551 million in 5965 deals, compared to the previous day when 224.072 million shares worth N4.164 billion changed hands in 5049 deals.

United Bank for Africa (UBA) emerged as the leader in terms of trading activity, with 32.621 million shares worth N579.345 million. Following closely, Fidelity Bank accounted for 28.954 million shares valued at N238.066 million, while AIICO Insurance traded 15.607 million shares worth N10.618 million. Dangote Sugar Refinery and Transnational Corporation (Transcorp) also saw notable trading volumes.

+ posts


MOST READ

Follow Us

Latest from Business

Don't Miss

NGX Reports Declines In Foreign Inflow In April As Outflows Surge

NGX Reports Declines In Foreign Inflow In April As Outflows Surge

The value of foreign inflow on the Nigerian