- NB Plc leads trading with N3.1bn, Fidelity Bank, Zenith Bank shine
Onome Amuge
Investors in the Nigerian equities market experienced a downturn on Wednesday, with market capitalisation contracting by N70 billion. This decline was primarily driven by share price reductions in key stocks, notably Champion Plc, Lasaco Assurance, and McNichols Plc, which led the day’s decliners.
The benchmark All-Share Index (ASI) retreated to 109,619.10 points from 109,730.47 points recorded on Tuesday. Consequently, the overall equity capitalisation on the Nigerian Exchange (NGX) slumped to N68.8 trillion from N68.9 trillion posted the previous trading session.
A mixed performance was observed across key sectors. The Banking, Consumer Goods, Oil & Gas, and Commodity sectors recorded losses of 0.15 per cent, 0.83 per cent, 0.33 per cent, and 1.34 per cent, respectively. In contrast, the Insurance and Industrial Goods sectors showed resilience, advancing by 1.14 per cent and 0.21 per cent.
Trading activity for the day reflected a somewhat divergent trend. While the total value of trades dipped by 0.10 per cent, there was a notable increase in volume and the number of deals, which rose by 36.35 per cent and 4.58 per cent, respectively. In total, 664.16 million shares valued at N13 billion were exchanged across 19,439 deals. Despite the overall market contraction, the even market breadth, with 29 advancing stocks and 29 declining stocks alongside 63 unchanged, indicated a nuanced trading environment rather than a widespread sell-off.
Top movers and trading highlights
Among the day’s advancers, RT Briscoe led the charge, gaining 10% to close at N2.09 per share, up from N1.90. Eunisell Interlinked Plc followed with a 9.75% increase, ending the day at N12.95 from N11.80. Livestock Feeds Plc also saw significant upward movement, rising 9.61% to N8.90 from N8.12 per share.
On the flip side, Champion Plc spearheaded the decliners, shedding 10 per cent to close at N7.20 from N8.00. Lasaco Assurance also fell by 10 per cent, settling at N2.52 from N2.80, while McNichols Plc recorded a 9.45 per cent dip, closing at N2.30 from N2.54 per share.
In terms of trading volume, Japaul Gold and Ventures Plc was the most active stock, with 90 million shares traded in 178 deals. Tantalizers Plc followed, exchanging 82 million shares across 586 deals, while Fidelity Bank Plc saw 67 million shares change hands in 1,195 deals.
When considering trading value, Nigerian Breweries Plc led the market, with shares worth N3.1 billion traded in 431 deals. Fidelity Bank Plc also recorded significant value, with equities worth N1.2 billion transacted in 1,195 deals. Zenith Bank Plc rounded out the top three by value, trading shares worth N972 million in 918 deals.
