Business
NGX: Investors begin week with N499bn loss as stocks tumble
By: Babajide Okeowo
Investors in the Nigerian equities market started the trading week with a loss of N499bn.
This follows the tumble in the share prices of stocks like Airtel Africa, Berger Paints, Industrial Medical Gases and International Energy Insurance.
Similarly, the NGX-All-Share Index ASI decreased to 98,703.68 from 99,587.25 recorded at the close of the previous trading day.
After five hours of trading at the capital market, the equity capitalization decreased to N55.823 trillion from N56.323 trillion posted by the bourse on Friday last week.
Read also: SEC to delist naira from P2P platforms in crypto crackdown
The market breadth was positive as 38 stocks advanced, 18 stocks declined, while 65 stocks remained unchanged in 10, 624 deals.
Cornerstone Insurance and Guinea Insurance led other price gainers with 10% growth each to close at N1.98 and N0.33 from their prices of N1.80 and N0.30k respectively.
On the flipside, Airtel Africa led other price decliners as it shed 10% off its price to trade at N1980 from N2200. Berger Paints, Industrial Medical Gases and International Energy Insurance also shed 9.85%, 9.82% and 9.35% respectively.
On the volume index, banking stocks dominated with Access Holdings Plc trading 98.236 million units of its shares in 1,209 deals, valued at N1.760 billion. UBA traded 40.395 million units of its shares in 842 deals, valued at N1.071 billion and GTCO which traded 35.905 million units of its shares in 740 deals, valued at N1.493 billion.
Like the volume index, banking stocks dominated the value index with Access Holdings Plc recording the highest value for the day trading stocks worth N1.760 billion in 1,209 deals followed by GTCO which traded equities worth N1.493 billion in 740 deals and UBA which traded stocks worth N1.071bn in 842 deals.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...