Nigerian Exchange loses N77 billion in a day

On Friday, trading on the Nigerian Exchange Ltd. (NGX) went bearish due to bargain hunting in Seplat and 15 other companies, which resulted in a loss of N77 billion in just one day.

In conclusion, the market capitalization decreased by N77 billion, closing at N30.249 trillion, down from N30.326 trillion at the Thursday trading session.

The All-Share Index (ASI) also declined by 141.03 points, or 0.25 percent, to end the day at 55,529.21 as opposed to the previous day’s closing value of 55,670.24.

As a result, the year-to-date rate was 8.35%.

Market sentiment, as indicated by market breadth, was upbeat as 17 stocks increased in value compared to 16 declining ones.

Academy Press experienced the greatest price increase, rising 9.48% to close at N1.27, while Neimeth International Pharma experienced the second-largest gain, rising 8.97% to conclude at N1.58 per share.

The share price of Honeywell Flour Mills increased by 7.83% to N2.34 at the close.

Moreover, Sovereign Trust Insurance increased by 3.70% to close at 28k per share, while Flour Mills Nigeria increased by 4.69% to close at N33.50 a share.

Seplat, on the other hand, finished first on the losers’ chart with a 9.43% loss and a share price of N1,200.

After Oando, which fell 8.62% to settle at N4.56, WAPIC Insurance also had a fall of 6.82% to close at 41k per share.

First City Monument Bank (FCMB) declined by 4.02 percent to settle at N4.30 per share, while Unity Bank lost 5.26 percent to close at 54k per share.

The overall number of exchanges, however, decreased by 11% to 184.24 million units, valued at N2.54 billion, and swapped in 3,962 deals.