Nigerian Bourse Sheds 2.31% as YtD Gain Nears Negative Territory

By Dipo Olowookere

It was another day of a bearish performance on the floor of the Nigerian Exchange (NGX) Limited on Wednesday due to a 2.31 per cent loss posted at the close of trades.

The persistent decline in the share price of Airtel Africa yesterday contributed to the downfall of the Nigerian bourse. The telco stock fell for the third straight day by 10.00 per cent to close at N1,312.20 and was trailed by MRS, whcih fell by 9.76 per cent to N12.95. Ikeja Hotel went down by 9.68 per cent to N1.12, Northern Nigerian Flour Mills declined by 9.56 per cent to N6.15, as Linkage Assurance depreciated by 8.51 per cent to 43 Kobo.

At the close of transactions, 17 stocks depreciated during the session, while 16 stocks appreciated and were led by Fidelity Bank, which grew by 9.74 per cent to N3.83. Jaiz Bank gained 7.06 per cent to close at 91 Kobo, Mutual Benefit improved by 6.90 per cent to 31 Kobo, AIICO Insurance chalked up 5.56 per cent to trade at 57 Kobo, and Oando rose by 4.55 per cent to N4.60.

Business Post reports that the industrial goods, banking, and insurance sectors gained 0.94 per cent, 0.50 per cent and 0.24 per cent, respectively, while the energy and consumer goods counters decreased by 0.80 per cent and 0.03 per cent, apiece.

At the close of business, the All-Share Index (ASI) went down by 1,048.17 points to 44,318.15 points from 45,366.32 points, and the market capitalisation was reduced by N571 billion to N24.139 trillion from N24.710 trillion.

From analysis, investors transacted 165.4 million shares worth N3.7 billion in 3,183 deals compared with the 420.3 million shares worth N3.6 billion traded in 3,486 deals on Tuesday, signifying a decline in the trading volume by 60.66 per cent, a decrease in the number of deals by 8.69 per cent, and an improvement in the trading value by 1.36 per cent.

FBN Holdings was the most active stock in the midweek session, selling 48.1 million units. GTCO traded 18.6 million shares, Sterling Bank exchanged 8.3 million stocks, Chams traded 7.7 million equities, and Zenith Bank traded 6.3 million shares.