Investors Lose N187bn as Stock Market Commence October on Negative Note
Kayode Tokede
Investors in the stock market section of the Nigerian Exchange Limited (NGX) lost N187billion of their investment in the first trading day October 2024, driven by profit-taking activities in 32 stocks.
The NGX All-Share Index (ASI) declined by 326.40basis points or 0.33 per cent to close at 98,232.39 basis points, with the Year-to-Date returns moderating to +31.4per cent.
Also, market capitalisation declined by N187 billion to close at N56.448 trillion.
On indices performance, the NGX Banking Index dropped by two per cent and NGX Oil & Gas Index was down by 0.1per cent, while the NGX Consumer Goods Index added 1.1per cent and NGX Insurance Index appreciated by one per cent. The NGX Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative, as 32 stocks lost relative to 26 gainers. International Breweries emerged the highest price gainer of 9.98 per cent to close at N4.41, per share.
Meyer followed with a gain of 9.94 per cent to close at N8.52, while Veritas Kapital Assurance increased by 9.93 per cent to close at N1.66, per share.
Tripple Gee and Company rose by 9.91 per cent to close at N4.99, while Deap Capital Management & Trust appreciated by 9.84 per cent to close at N1.34, per share.
On the other side, Ellah Lakes led others on the losers’ chart with 9.93 per cent to close at N3.99, per share. Caverton Offshore Support Group followed with a decline of 9.92 per cent to close at N2.18, while ABC Transport shed 9.57 per cent to close at N1.04, per share.
Livestock Feeds depreciated by 9.03 per cent to close at N2.72, while Consolidated Hallmark Holdings dipped by 7.24 per cent to close at N1.41, per share.
The total volume traded decreased by 77.24 per cent to 425.765 million units, valued at N8.451 billion, and exchanged in 11,954 deals. Transactions in the shares of UBA led the activity with 95.239 million shares worth N2.667 billion. Veritas Kapital Assurance followed with account of 22.426 million shares valued at N35.668 million, while Zenith Bank traded 20.850 million shares valued at N786.846 million.
Ellah Lakes traded 14.595 million shares worth N60.495 million, while Regency Alliance Insurance traded 13.758 million shares worth N11.282 million
