Stock market down N142bn as bearish sentiment takes hold

Onome Amuge

Investors in the Nigerian Exchange (NGX) suffered losses on Thursday, with the market plunging N142 billion in value. 

The decline was triggered by a drop in share prices for several key stocks, including WAPIC, UPL, and SOVEREIGN TRUST INSURANCE.

The equities market capitalisation shrank from N59.5 trillion recorded on Wednesday to N59.3 trillion.

The benchmark All-Share Index (ASI) dipped 0.18 percent from 98,227.50 the previous day to settle at 97,992.55.

Despite the decline in the ASI, the market breadth remained positive, as 33 stocks advanced and 24 stocks declined. A total of 10,659 deals were recorded on the day, with 66 stocks maintaining their prices unchanged

AUSTINLAZ, EUNISELL, and HM CALL emerged as the top performers on the Nigerian stock market, with their share prices rising by 10 percent, 9.98 percent, and 9.95 percent, respectively, to close at N2.42, N17.52, and N4.64 from N2.20, N15.93, and N4.22 per share the previous day.

At the other end of the spectrum, WAPIC, UPL, and SOVEREIGN TRUST INSURANCE saw the steepest price declines, with their share prices dropping by 9.82 percent, 9.09 percent, and 8.96 percent, respectively, to close at N1.01, N3.50, and N0.61 from the previous N1.12, N3.85, and N0.67 per share.

The volume index on the NGX was led by FBNH, with 51 million shares traded in 263 deals, closely followed by TANTALIZER, which traded 48 million shares in 207 deals. WAPCO also saw significant activity, trading 39 million shares in 1,121 deals.

The value index on the stock market was led by WAPCO, with shares worth N2.3 billion traded in 1,121 deals. This was followed by FBNH, which traded equities worth N1.3 billion in 263 deals.

ZENITH BANK also witnessed significant activity on the value index, trading shares valued at N997 million in 402 deals.