Stock Market Ends Five-day Rally, Investors Lose N66bn

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Investors in the equities market of the Nigerian Exchange Limited lost N65.18bn on Thursday, ending a rally that spanned five consecutive days.

The NGX All-Share Index closed at 38,801.51 basis points, down by 0.32 per cent from the previous day’s record of 38,927.83bps.

The market capitalisation of the stocks reduced to N20.22tn at the end of trading on the floor of the NGX from N20.28tn on Wednesday.

Market activity dropped as the trading volume crashed by 32.32 per cent to 139.78 million shares with a total value of N1.41bn traded in 3,655 deals, compared to 206.29 million shares worth 1.07bn exchanged in 3,435 deals on Wednesday.

Eighteen firms, led by Conoil Plc, recorded gains in their share prices at the close of trading, while 16 companies filled the losers’ table.

Conoil Plc rose by 10.00 per cent on Thursday to N20.35 per share, while Consolidated Hallmark Insurance Plc’s share price increased by 8.93 per cent, ending at N0.61 per share.

Sovereign Allied Insurance Plc (7.69 per cent), Regency Alliance Insurance Plc (7.14 per cent) and Mutual Benefits Assurance Plc (5.56 per cent) were the other top gainers by the end of trading.

Atop the losers’ table was Ardova Plc, which dropped by 6.25 per cent to N15.00 per share. It was followed by Veritas Kapital Assurance Plc with a 4.00 per cent loss, closing at N0.24 per share.

AIICO Insurance Plc depreciated by 2.60 per cent, while Japaul Gold & Ventures Plc and Coronation Insurance Plc’s share prices lost 1.92 per cent each.

United Bank for Africa Plc saw the most trading volume as 16.43 million of its shares were traded on Thursday. Guaranty Trust Holding Company Plc was the most traded equity by value at N364.85m.

– Punch

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