Okomu Oil, Conoil, Fidelity Bank, Others Drag Stock Market To N10bn Dip
The Nigerian Equities market extended its bearish run following the marginal fall of the exchange on Wednesday.
The NGX’ All-Share Index (ASI) dropped 16.13 index points or 0.03 per cent, to settle at 52,974.15 basis points compared to 52,990.28 basis points recorded on Tuesday.
Similarly, the market capitalisation of all listed stocks on the Nigerian Exchange Limited (NGX) declined by N10 billion, representing a 0.03 per cent fall to close at N28.558 trillion as against N28.559 trillion posted the previous trading session.
The negative trend of the market was triggered by dip in the shares of OkomuOil Plc, NCR Nigeria Plc, Conoil Plc, Neimeth Pharmaceutical Plc and Fidelity Bank plc.
The market turnover decreased by 7.20 per cent, as investors transacted a total of 295.35 million units of shares worth N3.590 billion in 4,637 deals as against when 318.27 million shares valued at N3.71 billion in 5,190 deals exchanged hands the previous day
The depreciation of the NGX also reflected in the market breadth which closed negative with 20 laggards compared to 14 advanced stocks.
Oil and Gss firm, Okomu Oil plc led the losers’ chart in percentage terms, dropping 10 per cent to settle at N193. 50 kobo per share.
Also, NCR Nigeria Plc dipped 9.77 per cent to close at N3.60 kobo per share, while Conoil Plc fell 8.35 per cent to close at N29. 10 kobo per share.
Similarly,, Neimeth Pharmaceutical Plc and Fidelity Bank plc lost 7.19 per cent and 4.71 pee cent to settle at N1.55 kobo and N3.24 kobo per share respectively.
On the flip side, the gainers’ chart was led in percentage parameters by Eterna plc, as the Oil and Gas company gained 9.94 per cent to close at N7. 44 kobo per share.
Also, FTN Cocia, plc rose 9.38 per cent to close at N0. 35 kobo per share, while NAHCO plc jumped 8.57 per cent to close at N7. 22 kobo per share.
In the same vein, Ikeja Hotels plc and Transnational Corporation plc climbed 7.83 per cent and 4 per cent to settle at N1. 24 kobo snd N1.30 kobo per share respectively.
Analysis of the market activity chart shows that Transnational Corporation plc was the most active stock in volume parameters, trading 121.84 million units of share worth N156.15 million , while Conoil plc closed as the most valuable company at 16.95 million shares valued at N493.42 million.
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