Investors lose N113bn amid suspension of stocks by NGX

The Nigerian equities market continued its negative runs on Tuesday as investors lost N113 billion at the close of the day’s trading.

This followed the suspension of the trading of some stocks by the Nigerian Xchange Group (NGX) for failing to file 2023 audited results.

The Head of NGX’s issuer regulation department, Godstime Iwenekhai, in a statement on Monday, announced the suspension of eight stocks.

The affected companies are – C & I Leasing Plc, Guinea Insurance Plc, Lasaco Assurance Plc and Mutual Benefits Assurance Plc.

Others are – NPF Microfinance Bank Plc, Regency Alliance Insurance Plc, Secure Electronic Technology Plc, and Unity Bank Plc.

He said: “Trading in the shares of the eight (8) companies below have been suspended from the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective today, Monday, 8 July 2024 for not filing their Audited Financial Statements for the year ended 31 December 2023.”

At the end of trading on Tuesday, stocks like AFRIPRUD, UACN, and RTBRISCOE amongst others dipped on the trading floor.

READ ALSO: NGX: Investors end week with N56bn loss as stocks tumble

After five hours of trading at the capital market, the equity capitalization decreased to N56.4 trillion from N56.5 trillion posted by the bourse on Monday.

The All-Share Index (ASI) decreased to 99,805.95 from 100,007.11 recorded the previous trading day.

The market breadth was positive as 27 stocks advanced and 24 declined, while 56 others remained unchanged in 8,256 deals.

CHAMPION, CADBURY, and ETERNA led other gainers with 9.97%, 9.94%, and 9.87% growth in share price each to close at N3.31, N18.25, and N16.70 from the previous N3.01, N16.60, and N15.20 per share.

On the flip side, AFRIPRUD, UACN and RTBRISCOE led other price decliners as they shed 10%, 7.28%, and 7.14% each to close at N8.10, N14.00, and N0.65 from the initial N9.00, N15.10, and N0.70 per share.

On the volume index, VERITASKAP led trading with 36 million shares valued at N47 million in 421 deals followed by FIDELITY BANK which traded 33 million shares valued at N340 million in 383 deals.

AIICO traded 25 million shares valued at N28 million in 204 deals.

On the value index, GTCO recorded the highest value for the day trading stocks worth N1.084 billion in 491 deals followed by ZENITH BANK which traded equities worth N657 million in 494 deals.

GEREGU traded stocks worth N631 million in 47 deals.

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