Total Energies, Conoil Dip In Stock Market N58.37bn Loss

The Nigerian Exchange Limited (NGX) closed the market negative as the bears dominated the bulls on the floor of the exchange on Friday.

The All-Share Index (ASI) fell 122.62 index points or 0.26 per cent to close at 46,842.86 points down from 46,965.48 points the index closed the previous day.

Remarkably, the market capitalization which measures the total value of all listed equities on the bourse declined by N58.37 billion, representing a 0.26 per cent loss to stand at N25.25 trillion from N25.31 trillion recorded on Thursday.

The bearish trend of market indices was triggered by losses of large and medium firms. Amongst them are; Redstarex Plc, Total Energies Plc, Conoil Plc, Cutix Plc and SVOA Nigeria Plc.

The market turnover rose by 0.51 per cent with a total of 257.32 million units of shares worth N2.86 billion in 4,586 deals transacted on Friday as against 256.02 million shares valued at N3.66 billion in 4,227 deals bought and sold the previous trading session.

The market breadth returned negative with 37 laggard stocks and twelve equities advancing compared to 30 losers and 14 gainers recorded the previous day

The losers’ chart was led in percentage terms by Redstarex Plc, losing 10 per cent to close at N2. 70 kobo per share.

In the same vein, two major Oil and Gas firms, Total Energies Plc and Conoil Plc lost 9.97 per cent and 9.92 per cent to close at N238. 50 kobo and N22.25 kobo per share respectively.

Also, Cutie Plcdipped 9.69 per cent to close at N2.05 kobo per share, while SCOA Nigeria Plc lost 9.66 per cent to close at N2.15 kobo per share.

Conversely, the gainers’ table was dominated in percentage parameters by NAHCO Plc, as the company appreciated by 10 per cent to close at N4.29 kobo per share.

Similarly, Multiverse Plc rose 9.52 per cent to close at N0. 33 kobo per share, while Meyer Plc jumped 9.09 per cent to close at N0. 72 kobo per share.

Also, Fidelity Bank Plc and Japaul Gold Plc soared by 7.19 per cent and 6.25 per cent to close at N3.43 kobo and N0. 34 kobo per share respectively.

Two Tier -1 financial institutions dominated the NGX market activity chart; United Bank for Africa UBA Plc was the most active stock at 47.99 million units of shares valued at N369.6 million, while Zenith Bank Plc closed as the most valuable stock trading a total of 24.18 million shares worth N541.3 million.