New Telegraph

December 8, 2023

Investors lose N33bn as local bourse returns to negative

Bearish sentiments have returned to the Nigerian capital market, as the Nigerian Exchange Limited (NGX) All Share Index on Thursday shrank, shedding the 1.47 per cent appreciation recorded on Wednesday. The slide was traced to activities in the shares of Tier-1 banks, UBA (-2.78 per cent), ACCESSCORP (-1.12 per cent), JAIZBANK (-5.56 per cent), STANBIC (-3.28 per cent) and telco heavyweight, MTNN (-0.05 per cent). Specifically, the benchmark index, which opened at 50,075.47 points, fell by 0.12 per cent to close at 50,014.60 points. The market capitalisation, which opened at N27,009 trillion, also lost N33 billion to close at N26.98 trillion.

The total volume of shares traded declined by 52.16 per cent to 133.59 million units, valued at NGN2.44 billion, exchanged in 4,292 deals. UBA was the most traded stock by volume at 20.453 million units of shares valued at N143.64 million, Chams also recorded significant volume of shares at 8.978 million units worth N2.772 million. AccessCorp, JapaulGold and JAIZBANK were also invesptors toast. Analysis of Thursday’s price movement table showed that ABC TRANSPORT shed 6.67 per cent to close at N0.28 kobo per share. JAIZBANK also followed with a 5.56 per cent loss to close at N0.85 kobo per share.

Stanbic was down by 3.28 per cent to sell at N28.05 kobo per share. The share value of Calverton dipped by 2.86 per cent to close at N1.02 kobo per share while UBA shed 2.78 per cent to close at N7.00 kobo. On the other hand, Nahco led the gainers’ table with the highest gain of 10.00 per cent to close at N5.83 kobo per share. FCMB made 9.84 per cent appreciation to close at N3.35 kobo per share. Ikeja Hotel was up by 9.43 per cent to sell at N1.16 kobo per share. Multiverse trailed by with 9.22 per cent gain to close at N2.25 kobo.

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