13-straight Days Bullish Run Ends as NGX Investors Lose N856 Billion

The Nigerian Stock Exchange investors witnessed another change as the 13-day bullish trend was halted as market capitalisation lost N856 billion following a decline from Dangote Sugar Refinery Plc and 60 others.

The NGX All Share Index declined by 1,564.52 points, which signifies a decline of 1.49%, to close at 103,110.15 points. Market capitalisation closed at N56.426 trillion after losing N856 billion.

The negative performance was impacted by significant losses recorded in medium and large capitalised stocks, including Dangote Sugar Refinery, NASCON Allied Industries, Guinness Nigeria, Lafarge Africa and Flour Mills of Nigeria.

As measured by market breadth, investor sentiment closed negative as seven stocks gained, while 61 lost. 

Top Gainers: UPDC led the chart with 8.11% to close at N2.00 per share. At the same time, Geregu Power followed a 4.61% gain to close at N517.80, while Wema Bank increased by 1.21% to close at N10.90 per share. Ellah Lakes followed by 0.99% to close at N3.05, while UPDC Real Estate Investment Trust increased by 0.81% to close at N6.25 per share.

Top Losers: Access Holdings, Guinea Insurance, Linkage Assurance, AXA Mansard Insurance, NASCON Allied Industries, Caverton Offshore Support Group and Sterling Financial Holdings Company led the chart with 10% each to close at N25.20, 54 kobo, N1.17, N5.85, N68.40, N1.80 and N6.30 respectively, per share. Guinness Nigeria followed with a decline of 9.96% to close at N63.70, and Transnational Corporation declined by 9.94% to close at N14.40 per share.

The total volume traded declined by 5.94 per cent to 648.953 million units, valued at N11.087 billion, and exchanged in 14,579 deals.

Transactions in Japaul Gold & Ventures shares topped the activity chart with 59.797 million shares valued at N179.536 million. Transcorp followed with 52. 056 million shares worth N763.197 million, while Access Holdings traded 46.811 million shares valued at N1.209 billion.

United Bank for Africa (UBA) traded 44.552 million shares valued at N1.233 billion, while Oando sold 34.952 million shares worth N496.659 million.