UACN, Africa Prudential, Ikeja Hotel, others Drive Equities market Loss By 0.20%

UACN, Africa Prudential, Ikeja Hotel, Others Drive Equity Market Loss Of N114bn

2 weeks ago
1 min read

Equity Market Sees a Downturn

The Nigerian equities market experienced a decline on Tuesday, falling by 0.20% or N114 billion.

This downturn was primarily due to investors selling shares of major companies such as UACN, Africa Prudential, and Ikeja Hotel.

Daily and Monthly Performance of the Equity Market

The market’s performance this week has been lackluster, with a 0.22% drop. The monthly figures also show a decrease of 0.25%. Year-to-date (YtD), the market’s return has reduced to 33.48%.

At the close of trading, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation decreased from the previous day’s highs of 100,006.79 points and N56.572 trillion respectively to 99,805.95 points and N56.458 trillion.

Major Losers

UAC Nigeria led the decliners, with its share price dropping from N15.10 to N14, a loss of N1.10 or 7.28%.

Africa Prudential followed, decreasing from N9 to N8.10, losing 90 kobo or 10%. Ikeja Hotel also saw a decline from N7.40 to N7, losing 40 kobo or 5.41%.

Trading Volume

On Tuesday, investors exchanged 422,688,586 shares worth N53.956 billion in 8,256 deals. The most traded stocks on the NGX included Transcorp Power, Veritas Kapital, Fidelity Bank, AIICO, and GTCO.

READ ALSOEquities Market Begins Week On Slight Dip Amid Mixed Sentiments

Access Holdings Rights Issue

In a development, Access Holdings Plc announced a rights issue of 17,772,612,811 ordinary shares of 50 kobo each at N19.75 per share.

The rights issue is based on one new ordinary share for every two existing shares held as of the close of business on Friday, June 7, 2024. The offer opened on Tuesday, July 9, and is scheduled to close on Wednesday, August 14, 2024.

The holding company held a ‘Facts Behind the Rights Issue Presentation’ at the Nigerian Exchange Limited (NGX) on Tuesday. The presentation aimed to provide investors with detailed information about the offer and its potential benefits.

Market Reactions

Analysts have noted the impact of investor sentiment on the equities market. “The recent sell-off is a reaction to global economic uncertainties and local market conditions,” said Bode Afolabi, a financial analyst. “Investors are cautious, and this is reflected in the trading volumes and price movements we are seeing.”

Looking Forward

Despite the recent declines, some market experts remain optimistic. “The equities market has shown resilience in the past, and we expect it to recover as investor confidence returns,” said Kemi Adesina, an investment strategist. “Key sectors are still performing well, and there are opportunities for growth.”

The equities market’s performance in the coming weeks will be closely watched by investors and analysts alike. The outcome of the Access Holdings rights issue and other corporate actions will play a significant role in shaping market trends.

In conclusion, the equities market has faced challenges this week, marked by a notable decline in major stocks. However, with strategic moves by companies like Access Holdings and a watchful eye on market trends, there is hope for recovery and growth in the near future.


Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.


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