NGX investors lose N939bn as banking, industrial stocks decline

Investors on the Nigerian Exchange Limited (NGX) lost N939 billion on Friday as sustained profit-taking in banking and industrial stocks extended the market’s six-day decline.

The market capitalisation fell by 0.62 per cent, declining from N152.266 trillion in the previous session to N151.327 trillion at the close of trading.

The All-Share Index dropped by 1,463.65 points, or 0.62 per cent, to close at 235,941.27, down from 237,404.92 recorded on Thursday.

While the market’s Year-to-Date (YTD) return weakened to 51.62 per cent, the market breadth also closed negatively, recording 31 losers and 21 gainers.

Leading the losers’ chart, Nigerian Aviation Handling Company and Royal Exchange topped, dropping by 10 per cent each, closing at N148.50 and N1.53 per share, respectively.

GTCO dipped by 9.97 per cent, ending the session at N115.55, First Holding Company shed by 9.84 per cent, finishing at N55, while Neimeth Pharmaceuticals declined by 9.60 per cent, closing at N8.98 per share.

United Capital buys 5% stake in NGX Group

Conversely, Deap Capital Management led the gainers’ chart by 9.89 per cent, settling at N4.89, RT Briscoe trailed by 9.62 per cent, finishing at N13.10, and International Energy Insurance grew by 7.43 per cent, ending the session at N5.06 per share.

Jaiz Bank advanced by 7.14 per cent, closing at N9, while Livingtrust Mortgage Bank increased by 5.26 per cent, settling at N4 per share.

Meanwhile, market activity declined with total traded volume falling by 36.33 per cent to 440.36 million shares valued at N24.68 billion across 50,273 transactions.

Access Corporation emerged as the most traded stock by volume, with 64.97 million shares exchanged, representing 14.75 per cent of the total volume traded.

MTN Nigeria led in value terms with transactions worth N4.64 billion, accounting for 18.78 per cent of the day’s total turnover.