Investors Lose N858.3bn In Wake Of Gerugu’s Listing
Day after the listing of Geregu Power on the floor of the Nigerian Exchange Limited (NGX), bearish sentiment persisted as investors lost N867 billion in a single day’s trading session on Thursday.
The market capitalisation as well as All-Share Index (ASI) fell deeply by 3.23 per cent to 47,260.89 basis points and N25.74 trillion on profit-taking on some fundamental stocks.
Sell pressure on the stocks of Airtel Africa, Presco, and Honeywell Flour Mill saw their share prices fall by 10 per cent and 9.99 per cent, and 8.66 per cent to N1800, N128.35, and N2.11.
At the close of the day’s trading session, Airtel Africa and Presco led other stocks to the worst performance as investors continue stock dumping
The shares of Guaranty Trust Holding Company (GTCO) were enmeshed in the negative performance, dropping by 2.02 per cent to N16.95.
The year-to-date (YTD) gain of the NGX ASI decreased to 10.64 per cent, printing 23 losers against 14 gainers.
Across sectors tracked, the banking index, led the negative performance, moderating by 0.86 per cent to 362.64 basis points.
The industrial goods index trailed behind 0.32 per cent to 1,767.43 basis points. While the insurance index fell by 0.31 per cent to 169.13 basis points, the consumer goods index dropped by 0.11 per cent to 580.65 basis points.
The oil and gas index stayed flat at 505.15 basis points on Thursday.
Market activity was upbeat and buoyed by buying interest in Geregu which for the second trading day made gained 9.91 per cent to N120.9.
Total trade, volume, and value surged by 8.17 per cent, 3.80 per cent, and 13.39 per cent to 4,371 trades, 140.67 million units, and N2.52 billion.
GTCO was the most active stock in volume with 27.73 million shares, worth N471.5 million that changed hands in 715 deals.
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