Connect with us

Business News

Equities Lose N49bn as Short-Term Traders Invade Market



By Dipo Olowookere

Short-term traders unleashed terror on the market on Wednesday, sending the Nigerian Exchange (NGX) Limited back to the bears’ territory with a 0.22 per cent loss.

Business Post reports that the gains recorded yesterday were almost wiped off by profit-taking on the back of selloffs in GTCO, Access Bank, Ardova, FBN Holdings and others.

At the close of transactions, there were 24 price losers and 14 price gainers, indicating a negative market breadth and a weak investor sentiment.

Japaul closed as the worst-performing stock after its share value depreciated by 9.09 per cent to 40 kobo, followed by Neimeth, which also lost 9.09 per cent to trade at N1.80.

Unity Bank declined by 8.47 per cent to sell for 54 kobo, Consolidated Hallmark Insurance depleted by 8.06 per cent to close at 57 kobo, while Unilever Nigeria fell by 7.53 per cent to finish at N13.50.

The best performing stock for the trading day was ABC Transport, rising by 10.00 per cent to trade at 33 kobo. Chams grew by 4.55 per cent to sell for 23 kobo, Cutix gained 3.08 per cent to quote at N3.35, Wema Bank appreciated by 2.35 per cent to finish at 87 kobo, while Transcorp rose by 2.06 per cent to 99 kobo.

A check on the performance of the major sectors of the market showed that only the industrial goods sector closed in the green territory and it was by a marginal 0.01 per cent.

The insurance counter lost 0.85 per cent, the energy sector declined by 0.82 per cent, the consumer goods space depreciated by 0.66 per cent, while the banking index went down by 0.37 per cent.

At the close of trades on Wednesday, the All-Share Index (ASI) contracted by 94.30 points to settle at 43,349.90 points versus the preceding session’s 43,444.20 points, while the market capitalisation retreated by N49 billion to finish at N22.623 trillion in contrast to N22.672 trillion it ended a day earlier.

At the midweek session, the most traded stock was FBN Holdings as it sold 68.6 million units valued at N856.2 million, while the next, International Breweries, traded 36.7 million units valued at N201.8 million.

Further, GTCO exchanged 24.2 million equities worth N644.0 million, Unity Bank traded 9.5 million stocks worth N5.2 million, while Access Bank transacted 9.5 million shares for N87.3 million.

In all, a total of 264.8 million shares worth N6.1 billion exchanged hands in 4,230 deals on Wednesday as against the 423.8 million shares valued at N11.7 billion traded in 4,181 deals on Tuesday, implying that the trading volume and value went down by 37.53 per cent and 47.77 per cent respectively, while the number of deals increased by 1.17 per cent.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Local13 mins ago

UNILAG to host 10,000 students, 136 universities

News23 mins ago

Greed factor: Why Nigerians are losing billions to get-rich-quick investment frauds

Local35 mins ago

Nigerian Army gathers influencers for “modern warfare” on social media

News45 mins ago

How N17bn Paris Club refund landed Obiano on EFCC’s watch list

Local59 mins ago

Why snakes enter toilets and natural remedies to scare them away from homes

News1 hour ago

Copyright infringement, defamation major problems in showbiz —Candy Mamalouk

Local1 hour ago

Why Nigerian founders attracted $900 million investment: Emefiele

Politics1 hour ago

Bianca Ojukwu sends ‘important’ message to Buhari over Nnamdi Kanu

News2 hours ago

Economic plan saved 1.3 million jobs, says FG

Local2 hours ago

IPOB agitation fuelled by marginalisation; Nnamdi Kanu should be released: Bianca Ojukwu

Politics2 hours ago

CONFIRMED: Tinubu contesting for president in 2023 – elder statesman

News2 hours ago

Railway police command CP moves to eject 200 families from Lagos barracks Monday

Local2 hours ago

Kwara United beat Oluyole Spikers; Kada Kings down ABM

News2 hours ago

I feel like committing suicide whenever I see photos of my two daughters kidnapped since 2009 – 64-year-old Rivers retiree

Local2 hours ago

NMA seeks establishment of Health Bank

News3 hours ago

Fuel hike: Nigerian students threaten nationwide shutdown

News3 hours ago

Weekly diaspora remittances rise to $100m, says Emefiele

Local3 hours ago

FG to begin mass demolition in FESTAC

News3 hours ago

Obaseki, stakeholders seek policies to attract gas investment

Entertainment3 hours ago

She tripped, fell, and lost consciousness outside the club – Obi Cubana’s club, Hustle & Bustle, narrates how woman died at the club as video evidence to dispute claims she was electrocuted is released

Local20 hours ago

Netflix invites Nigerians to scriptwriting programme

Health21 hours ago

The #1 Best Holiday Food to Eat for a Flat Belly, Says Dietitian

News13 hours ago

Uganda risks losing only international airport over Chinese loan

News21 hours ago

Accountability will remain PDP’s watchword, promises Ayu

News22 hours ago

Rema faults DJ Neptune for releasing his song without permission

World14 hours ago

India: Islamic scholar says Muslims should stay away from malls, Allah dislikes them, women look at men

Entertainment18 hours ago

“Does Google read minds too?” – Reality TV star, Erica left shocked by an experience in Dubai

Entertainment21 hours ago

Naira Marley’s sister, Subomi buys herself a Mercedes Benz GLK

Business News22 hours ago

Malawi, Mozambican Agree to Strengthen Economic Relations

World21 hours ago

California County Mandates Masks for Private Thanksgiving Celebrations at Home

Business News21 hours ago

Reminiscing on the Loss of a Friend, Dreams Deferred, and Bold New Beginnings

Local10 hours ago

NDLEA arraigns two men for dealing in 789kg cannabis

Local21 hours ago

CBN gives N30 million to six students

News10 hours ago

Keyamo replies Reps, says 774,000 jobs successful, beneficiaries paid N40bn

Health20 hours ago

8 Ways To Avoid The Dreaded Thanksgiving Food Coma

Metro15 hours ago

World’s First Floating City Could Be Completed By 2025

Sports22 hours ago

Tottenham Manager Antonio Conte Is Starting To Understand The Situation At The Club

News19 hours ago

Ayade seeks to partner Britain on security, others

Local13 hours ago

Enugu has 152,243 stunted children: UNICEF

News17 hours ago

Nigeria Air: FG to float IPO, begins operations with three planes