Bears Return to Snatch N154bn from Stock Investors

June 26, 2021
Stock Investors

By Dipo Olowookere

Local stock investors lost N154 billion at the Nigerian Exchange (NGX) Limited on Friday to the bears on Friday, a day after the bulls rescued the market by 0.40 per cent.

The equity market went down by 0.78 per cent yesterday following the selling pressure on Dangote Cement, Cadbury Nigeria, MTN Nigeria, United Capital and six others.

The losses printed by these shares deflated the market capitalisation to N19.627 trillion from N19.781 trillion and slacked the All-Share Index (ASI) by 296.09 points to 37,658.26 points from 37,954.35 points.

Business Post reports that NPF Microfinance Bank was the heaviest price loser yesterday as its value went down by 8.47 per cent to N1.73.

Union Bank declined by 7.76 per cent to N5.35, Mutual Benefits Assurance depreciated by 4.55 per cent to 42 kobo, Eterna dropped 4.40 per cent to trade at N7.60, while Dangote Cement went down by 3.91 per cent to N221.00.

A total of 25 stocks closed on the price risers’ table yesterday with Honeywell Flour on top as a result of the 9.93 per cent growth it posted, closing at N1.55.

Fidson gained 9.88 per cent to trade at N5.56, University Press appreciated by 9.87 per cent to quote at N1.67, Linkage Assurance improved by 8.33 per cent to 65 kobo, while Sovereign Trust Insurance grew by 8.00 per cent to 27 kobo.

GT HoldCo was the most active stock at the market on Friday with the sale of 21.2 million units worth N629.9 million, followed by FBN Holdings with 15.7 million units valued at N113.0 million.

United Capital sold 13.7 million shares worth N83.2 million, Chams traded 13.2 million equities valued at N2.6 million, while Mutual Benefits Assurance transacted 12.0 million stocks for N4.9 million.

In all, a total of 202.7 million shares worth N2.4 billion exchanged hands in 3,630 deals as against the 167.4 million shares worth N1.8 billion traded in 3,256 deals, indicating that the trading volume, value and the number of deals increased by 21.09 per cent, 31.64 per cent and 11.49 per cent respectively.

In terms of the performance of the key sectors, the industrial goods sector went down by 1.96 per cent, while the energy counter depreciated by 0.09 per cent.

However, the insurance sector improved by 1.51 per cent, the banking index appreciated by 1.02 per cent, while the consumer goods index gained 0.14 per cent.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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