Equity Market Begins Week with N8bn Loss

Decline In Nigeria's Equity Market Creating Entry Opportunity For Investors - Analysts

The Nigerian Exchange (NGX) began the week on a bearish note, recording a loss of N8.62 billion due to declines in several key stocks including Caverton Offshore, Associated Bus Company, and Nigerian Breweries.

The All-Share Index (ASI) and market capitalization both decreased by 0.02%, closing at 100,022.03 basis points and N56.57 trillion, respectively. This brought the year-to-date performance down to 33.7%.

Despite the overall market dip, there was significant bullish activity, with more gainers (41) than losers (15) in the day’s trading.

Top Losers

  1. Caverton Offshore: Fell by 9.62% to close at N1.41.
  2. Associated Bus Company: Dropped 9.52% to close at N0.57.
  3. Nigerian Breweries: Decreased by 8.37% to close at N29.

Top Gainers

  1. University Press: Rose by 10% to N2.75.
  2. Guinness Nigeria Plc: Increased by 9.96% to close at N66.25.

Trading Volume and Value

  • Ellah Lakes Plc: Led the volume chart with 271,486,716 units traded in 34 deals.
  • Guaranty Trust Bank (GTCO): Was the most traded security by value, amounting to N1.94 billion in 636 deals. GTCO also announced plans to raise N400 billion through a public offer as part of its recapitalization efforts.

Previous Week Performance

Last week, the Nigerian equity market saw a loss of N178 billion. The All-Share Index and market capitalization both declined by 0.04%, closing the week at 100,022.03 and N56.581 trillion, respectively.

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