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Monday, April 22, 2024

Oil, Banking Stock Dips Further as Investors Lose N71bn

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Investors in the equities market of the Nigerian Exchange Limited recorded a loss of N71.44bn at the end of the trading session on Thursday as oil and gas and banking stocks fell.

The NGX All-Share Index fell to 43,108.77 basis points from 43,245.02bps on Wednesday while the market capitalisation dipped from N22.57tn to N22.49tn.

“The market decline was on the back of sell-off in Nigerian Breweries Plc, Seplat Energy Plc and some other market bellwethers,” said analysts at Atlas Portfolios Limited.

Market activities were positive as the total volume and value traded appreciated by 9.43 per cent and 12.53 per cent, respectively.

A total of 266.12 million shares valued at N4.22bn were exchanged in 3,905 deals on Thursday, compared to 243.19 million shares valued at N3.75bn in 3,777 deals the previous day.

Analysing by sectors, the NGX Insurance Index recorded the only gain of the day as it rose by 0.64 per cent.

The oil and gas, banking, consumer goods and industrial goods indices fell by 1.64 per cent, 1.16 per cent, 1.06 per cent and 0.01 per cent respectively.

Honeywell Flour Mills Plc emerged the most traded stocks by volume, accounting for 19.72 per cent of the total volume of trades while Seplat was the most traded stock by value, accounting for 28.08 per cent.

The market sentiment, as measured by the market breadth, was negative as 23 firms declined, compared to 14 gainers.

MRS Oil Nigeria Plc recorded the biggest loss on Thursday as its share price fell by 9.87 per cent.

Chams Plc shed 8.7 per cent of its share price to close at N0.21. Other major losers were Ecobank Transnational Incorporated, Consolidated Hallmark Insurance Plc and Unity Bank Plc.

Atop the gainers chart was Honeywell Flour Mills Plc, which regained its footing as it nearly reversed the previous day’s 9.78 per cent decline with a 9.76 per cent rise in its share price to N4.05 per share.

Other top gainers were AIICO Insurance Plc, regency Alliance Insurance Plc and Ikeja Hotel Plc.

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