On Thursday, the Nigerian Exchange Limited witnessed investor losses amounting to N188 billion, driven by declines in the share prices of Ikeja Hotel, Honeywell Flour, and Seplat Energy.
Specifically, Ikeja Hotel recorded a loss of 9.29 percent, closing at N6.35, while Honeywell Flour lost 8.41 percent, closing at N3.16. Seplat Energy also declined by 8.30 percent to N3.480 during the day’s trading.
The bearish trend persisted for the fourth consecutive day, with the All-Share Index and market capitalisation decreasing by 0.33 percent to close at 99,468.90 points and N56.27 trillion, respectively.
Fidelity Bank emerged as the most traded security by volume, with 46.78 million units traded in 389 deals, followed by Linkage Assurance with 32.12 million units in 127 deals.
The previous day, equity investors experienced a loss of N2.18 billion, with the All-Share Index and market capitalisation marginally dipping by 0.004 percent to close at 99,802.08 and N56.46 trillion, respectively.
In trading activities, there were 21 gainers compared to 18 losers, while 75 stocks closed flat. Among sectors covered, the banking and insurance indices saw gains of 0.1 percent and 0.4 percent, respectively, driven by price increases in United Bank for Africa, FBN Holdings, Linkage Assurance, and AIICO Insurance.
Conversely, the oil & gas and consumer goods indices recorded losses of 4 percent and 0.3 percent, respectively, attributed to profit-taking activities on shares of SEPLAT, Oando, Dangote Sugar, and Honeywell Flour.
Analysts are predicting a continuation of bearish sentiment, citing dampened investor confidence in the market outlook.
