• Business - Market Data
  • Updated: January 07, 2023

NGX Loses N430 Billion To Profit-Taking

NGX Loses N430 Billion To Profit-Taking

The market capitalisation of the Nigerian Exchange Ltd. (NGX) decreased by N430 billion, or 1.53%, to end at N27.706 trillion on Thursday, down from N28.136 trillion on Wednesday.

The All Share Index (ASI), which had closed at 51,657.56 on Wednesday, fell by 789.04 points, or 1.53%, to conclude at 50,868.52.

Profit-taking by Airtel Africa Plc and 15 other companies was the primary cause of the market's decline in performance.

Market mood was upbeat, as seen by the market breadth indicator, with 20 equities rising in comparison to 15 declining ones.

According to analysts at InvestmentOne Research, “The equities market closed negative today due to the loss by Airtel Africa.

“Going forward, we expect investors’ sentiments to be swayed by the search for real positive returns and developments in the interest rate space.

“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”

Prestige Assurance, which fell by 8.7% to close at 42k per share, came in second on the losers' list with a decline of 8.26% to N1,500 per share for Airtel Africa.

NPF Microfinance Bank declined 7.10% to close at N1.76 per share, while UPL Plc fell 7.37% to N1.76.

Royal Exchange also declined 6.36 per cent, ending trading at N1.03 per share.

On the gainers' chart, Honeywell Flour Plc increased by 9.96% to N2.43 per share, while Johnholt Plc increased by 10% to 88k per share.

CWG increased by 9.78% to N1.01 per share, while UACN increased by 4.88% to N10.75 per share.

Investors exchanged roughly 139 million units of shares for N1.83 billion, a 57% and 58% fall in overall volume and value.

Sterling Bank Plc, the most actively traded stock with around 29 million units of shares valued at approximately N41 million, decreased by 2.10 per cent. 

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