Investors lose N208bn on NGX as John Holt, Eterna,Aradel pressure equities
Onome Amuge
Nigeria’s equities market suffered a hit on Wednesday, with investors shouldering N208 billion in losses as share prices of several listed stocks, including JOHN HOLT ARADEL and ETERNA, took a tumble on the Nigerian Exchange (NGX).
Wednesday’s trading session on the Nigerian capital market left a ripple effect on the equity capitalisation, which took a dip to N58.9 trillion, compared to the N59.1 trillion recorded on Tuesday. The decline was reflected in the benchmark All-Share Index (ASI), which plummeted by 343.31 points, from 97,639.88 to 97,296.57.
The market’s tenor remained predominantly bearish, with 26 stocks succumbing to downward pressure and only 23 stocks recording gains. Meanwhile, 73 stocks maintained a steady course, devoid of any movement, across 9,385 transactions.
SUNU ASSURANCE, GUINEA INSURANCE, and CONOIL emerged as the top performers of the day, rallying strongly with gains of 9.97 percent, 8.16 percent, and 6.56 percent, respectively. SUNU ASSURANCE saw its share price climb to N4.19 from N3.81, GUINEA INSURANCE shares gained 8.16 percent to close at N0.53, while CONOIL saw its share price surge to N276.00 from N259.00.
JOHN HOLT, ARADEL, and ETERNA bore the brunt of the market’s negative sentiment, plunging 10 percent, 9.98 percent, and 9.88 percent, respectively. JOHN HOLT shares retreated from N11.00 to N9.90, while ARADEL stocks depreciated by N52.50 to settle at N473.30. Similarly, ETERNA suffered a price decline of N2.45 to close at N22.35 per share.
Volume-wise, HM CALL dominated the day’s trading, exchanging 373 million shares across 342 transactions.
JAPAUL GOLD’s shares also found eager buyers, exchanging 285 million shares in 492 deals, while TANTALIZER occupied the third spot, transacting 34 million shares in 110 deals.
HM CALL once again dominated the value chart, transacting stocks worth N2.1 billion in 342 deals.
GTCO, another significant market player, traded equities valued at N1.5 billion in 259 deals.
The trading value index also witnessed substantial activity from UBA, with N930 million worth of shares changing hands across 680 deals.