Stock Market Halts Four-day Positive Momentum, Drops by N40.99bn
Kayode Tokede The stock market section of the Nigerian Exchange Limited (NGX) yesterday halted its four-day positive momentum, dropping by N40.99 billion on investors’ profit-taking in Access Holdings Plc, 28
The Nigerian stock market, which had been on a four-day upward trend, halted its momentum and experienced a decline of N40.99 billion on Wednesday. The decline was attributed to investors taking profits from Access Holdings Plc and 28 other quoted companies. The FTSE Russell's recent reclassification of Nigeria from "Unclassified" to "Frontier Market" status contributed to the positive sentiment among investors in the past week.
However, the market capitalization, which opened at N158.956 trillion, fell to N158.915 trillion or 0.03% by the close of trade. The NGX All-Share Index, which opened at 246,082.63 basis points, closed at 246,019.17 basis points, marking a decline of 63.46 basis points or 0.03%. The index's performance for the month-to-date and year-to-date periods was 0.8% and +58.1%, respectively.
In terms of sectoral performance, the Banking and Consumer Goods indices declined by 0.6% and 0.2%, respectively, while the Insurance, Oil & Gas, and Industrial Goods indices advanced by 2.7%, 0.3%, and 0.2%, respectively. Despite the slight decline in the benchmark index, investor sentiment remained positive with 33 stocks advancing and 29 stocks declining.
Tripple Gee & Company saw the highest gain of 10% to close at N2.86 per share, followed by Sovereign Trust Insurance with 9.71% gain to close at N2.26, and Oando with a 9.43% increase to close at N38.30 per share. On the losing side, NASCON Allied Industries recorded the highest decline of 10.00% to close at N175.50 per share, followed by Beta Glass with a 9.99% drop to close at N506.60, and Academy Press with a 9.76% fall to close at N5.55 per share.
The total volume traded fell by 34.47% to 426.840 million units, valued at N28.438 billion, and exchanged in 41,475 deals. In Access Holdings, transactions led the activity with 33.220 million shares valued at N1.032 billion, followed by Stanbic IBTC Holdings with 28.743 million shares worth N4.114 billion, and Sterling Financial Holdings Company with 19.606 million shares valued at N150.242 million.
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