Investors Lose N440bn As NGX Reopens For Physical Trading Activities  

Bearish sentiment drove the domestic stocks market yesterday with a loss of N440 billion.

The All Share Index (ASI) decreased by 807.83 absolute points, representing a dip of 1.82 per cent to close at 43,461.60 points. Similarly, the market capitalisation lost N440 billion  to close at N23.672 trillion.

This is as the Nigerian Exchange Limited reopened its trading floor alongside the 30th anniversary of the Chartered Institute of Stockbrokers (CIS), signalling a shift to norm after the COVID-19 pandemic forced adoption of full remote trading.

The chairman of NGX, Abubakar Mahmoud, congratulated CIS for its contributions to the capital market and thanked stockbrokers for their commitment to the market and cooperation with the Exchange during the remote trading period.

He attributed the success of trading with zero downtime for 32 months to the investments of NGX in technology and the resilience of brokers.

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The chairman, NGX Group, Alhaji Umar Kwairanga, noted that, it was to the credit of NGX, NGX Regulation, Central Securities Clearing System (CSCS), NGX Group and the stockbroking community that trading flowed seamlessly during the forced closure period.

Also, the chief executive officer, NGX, Mr Temi Popoola said: “NGX will continue to support the initiatives of the institute and cooperate for the further advancement of the capital market.”

Meanwhile, the downturn recorded on the equities trading yesterday was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Guinness Nigeria, MTN Nigeria Communications (MTNN), Custodian Investment and Stanbic IBTC Holdings.

On market outlook, GTI Securities Limited said: “we expect mixed sentiments to continue during week, as pre-election risks amplify.”

Market breadth closed negative, with 19 losers versus 12 gainers. Unity Bank  recorded the highest price gain of 10 per cent to close at 44 kobo, per share. Thomas Wyatt Nigeria followed with a gain 8.57 per cent to close at 38 kobo, while Jaiz Bank rose 6.38 per cent to close at N1.00, per share.

Fidson Healthcare went up by 5.76 per cent to close at N8.99, while Geregu Power appreciated by 5.09 per cent to close at N121.80, per share.

On the other hand, Guinness Nigeria led the losers’ chart by 9.95 per cent to close at N74.65, per share, per share. Custodian Investment followed with a decline of 9.32 per cent each to close at N5.35, while Dangote Cement lost 8.33 per cent to close at N220.00, per share.

Courteville Business Solutions lost 8.00 per cent to close at 46 kobo, while NEM Insurance shed 7.50 per cent to close at N3.70, per share.

However, the total volume traded rose by 142 per cent to 249.912 million units, valued at N2.502 billion, and exchanged in 3,283 deals. Transactions in the shares of Access Holdings topped the activity chart with 128.732 million shares valued at N1.035 billion.

FBN Holdings (FBNH) followed with 19.492 million shares worth N192.824 million, while Transnational Corporation of Nigeria (Transcorp) traded 17.352 million shares valued at N18.240 million.

Fidelity Bank traded 14.900 million shares valued at N59.862 million, while Guaranty Trust Holding Company (GTCO) transacted 14.591 million shares worth N255.819 million.