NGX Market Dips: N48 Billion Loss Signals Volatility

Trading activities on the Nigerian Exchange Ltd. on Wednesday closed on a negative note as the market capitalisation declined further by N48 billion.

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation fell by N48 billion or 0.07 per cent to close at N66.436 trillion from N66.484 trillion recorded on Tuesday.

Also, the All-Share Index dropped by 0.07 per cent or 77.53 points to close at 106,090.38 against 106,167.91 posted the previous day.

The negative performance was mainly due to share price depreciation in CONOIL, andUnited Bank for Africa (UBA), among others.

Market breadth closednegativelye with 32 losers and 19 gainers.

On the losers’ chart, Conoil declined by 10 per cent, to close at N331.20, while Berger Paints fell by 9.81 per cent to close at N18.85 per share.

International Energy Insurance lost by 9.79 per cent to close at N1.75 and Multiverse Mining fell by 9.66 per cent, to close at N7.95 per share.

Also, Regency Assurance lost by 8.70 percent, to close at 63k per share.

Meanwhile, on the gainers’ chart, Tantaliser increased by 9.79 per cent, to close at N3.14 per share while Secure Electronic Technology soared by 9.68 per cent, to close at 64k per share.

Caverton Offshore Support Group increased by 9.09 ppercentto close at N3.00 a,nd FTN Cocoa processors gained by 6.51 ppercentto close at N1.80 per share.

Similarly, Jaiz Bank increased by 6.04 pepercento close at N3.51 per share.

A total of 1.499 billion shares worth N10.259 billion were exchanged across 11,748 transactions.

This is compared to 324.59 million shares worth N7.918 billion that waswerechanged across 12,652 transactions on Tuesday.

Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 989.73 million shares worth N987.48 million.

Jaiz Bank followed with 187.35 million shares valued at N628.093 million w,hile Secure Electronic Technology traded 43.51 million shares worth N28.62 million.

Zenith Bank transacted 22.81 million shares valued at N1.085 billion ,while United Capital Group sold 18.28 million shares worth N346.42 million. (NAN)