Equities market drops by N165bm

Ayo AdemolaNovember 28, 2023

1 minute read

Sentiments in the local equities market of the Nigerian Exchange Limited (NGX) on Tuesday as investors took profits in Dangote Cement Plc and 39 others.

Thus, the All-Share Index declined by 312.76 basis points or 0.44 per cent, to close at 71,041.05 basis points. Similarly, the overall market capitalisation value shed N165 billion to close at N38.875 trillion.

The market negative performance was driven by price depreciation in large and medium-capitalised stocks which are; Dangote Cement, Stanbic IBTC Holdings, UAC of Nigeria (UACN), GlaxoSmithKline Consumer Nigeria and CWG.

As measured by market breadth, market sentiment was negative, as 40 stocks lost relative to 18 gainers. Secure Electronic Technology recorded the highest price gain of 10 per cent to close at 66 kobo, per share. MeCure Industries followed with a gain of 9.99 per cent to close at N10.13 and SUNU Assurance up by 9.68 per cent to close at N1.36, per share.

Consolidated Hallmark Holdings gained 9.17 per cent to close at N1.19, while Royal Exchange appreciated by 6.35 per cent to close at 67 kobo, per share. On the other hand, Omatek Ventures led the losers’ chart by 10 per cent to close at 81 kobo, while NEIMETH International Pharmaceuticals and Ikeja Hotel followed with a decline of 9.87 per cent each to close at N2.01 and N4.20 respectively, per share.

Wapic Insurance down by 9.72 per cent to close at 65 kobo, while CWG declined by 9.45 per cent to close at N6.90, per share.

The total volume traded declined by 28.4 per cent to 534.62 million units, valued at N5.62 billion, and exchanged in 8,136 deals. Transactions in the shares of Access Holdings topped the activity chart with 52.358 million shares valued at N942.761 million. Transnational Corporations (Transcorp) followed with 46.556 million shares worth N309.917 million, while UPDC Real Estate Investment Trust traded 46.210 million shares valued at N181.327 million.

United Bank for Africa (UBA) traded 36.346 million shares valued at N774.305 million, while Unity Bank transacted 31.252 million shares worth N52.587 million.