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Investors’ wealth plunges further by N58b

THE Nigerian Exchange Limited’s (NGX) equities sector may have continued to bear the brunt of the Russian-Ukrainian conflict, as the market extended its bearish trend, causing market capitalisation to drop by N58 billion.

The All-Share Index (ASI) fell by 108.26 percent, or 0.23 percent, to close at 47,154.35 points at the close of trading yesterday. Similarly, the total market capitalization dropped N58 billion to N25.414 trillion.

Price depreciation in large and medium capitalized stocks such as Nestle Nigeria, Conoil, Nigerian Breweries, Flour Mills of Nigeria, and Lafarge Africa drove the market’s negative performance.

GTI Securities Limited said, “The Nigerian domestic market extended its bearish trend to five consecutive days, as investors weigh the risk of the Russian-Ukrainian war on the local bourse. However, we expect bulls to return to the market given the spate of corporate actions, we anticipate improved market activity to encourage a bullish response this week.”

Vetiva Dealings and Brokerage said: “Barring any block transactions, we are likely to see a tepid session tomorrow amid recoveries in some of the major sectors.”

The market breadth was negative, with 28 stocks falling and 16 rising. Northern Nigeria Flour Mills (NNFM) and Niger Insurance closed at 23 kobo with the highest price gain of 9.52 percent.

Cutix Plc rose 8.30 percent to close at N2.48 kobo, while Consolidated Hallmark Insurance gained 8.47 percent to close at 64 kobo.

The Nigerian Exchange Group (NGX Group) rose 6.97 percent to N22.25 kobo, while the UPDC Real Estate Investment Trust (UPDC) rose 5.56 percent to N95 kobo.

On the other hand, Conoil and Jaiz Bank led the losers’ chart by 10 per cent each to close at N23.85 and 72 kobo respectively, while University Press followed with a decline of 9.97 per cent to close at N2.62 kobo.

NEM Insurance declined 9.87 per cent to close at N3.56, while R.T. Briscoe Nigeria shed 9.68 per cent to close at 56 kobo.

The total volume traded increased by 158.6 per cent to 754.933 million units, valued at N3.638 billion, and exchanged in 4,330 deals. Transactions in the shares of Unity Bank topped the activity chart with 525.278 million shares valued at N262.467 million.

Conoil and Jaiz Bank, on the other hand, led the losers’ chart with 10% declines to close at N23.85 and 72 kobo, respectively, while University Press fell 9.97% to close at N2.62 kobo.

R.T. Briscoe Nigeria lost 9.68 percent to close at 56 kobo, while NEM Insurance fell 9.87 percent to close at N3.56.

The total volume traded increased by 158.6% to 754.933 million units worth N3.638 billion, which was traded in 4,330 transactions. Unity Bank’s shares were the most actively traded, with 525.278 million shares worth N262.467 million changing hands.

United Bank of Africa (UBA) traded 17.980 million shares worth N151.123 million, while Guaranty Trust Holding Company (GTCO) followed with 29.354 million shares worth N766.262 million.

Japaul Gold and Ventures traded 13.208 million shares worth N4.592 million, while Zenith Bank traded 14.268 million shares worth N382.959 million.

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