The Nigerian Exchange Limited (NGX) stopped its two-day advance yesterday, closing on a downward trend as selloffs in Nestle and Dangote cement reduced capitalization by N883 billion.
In particular, the market capitalization of listed equities fell 2.47 percent to settle at N34.87 billion yesterday, down from N35.75 trillion traded the day before.
The NGX All Share Index likewise declined from the 65669.29 points traded the day before by 1622.36 basis points.
Depreciation of significant blue chip companies, including Dangote cement (-9.62%), Nestle (-1.34%), and Accesscorp (-4.16%), had an impact on the decline.
Deap Capital and Courtney Business Solutions headed the gainers’ table in percentage terms during the day, gaining 10% apiece to close at N0.33 and N0.88%, respectively, according to a breakdown of events.
Following closely behind, Gold Breweries increased by 9.88% to close at N2.67 kobo, TIP increased by 9.80% to close at N0.56 per share, and Morison increased by 9.79% to close at N2.58 per unit.
Five listed businesses, including Transnational Corporation of Nigeria (Transcorps), Veritas Kapital Plc, ABC Transport, ETranzact, and FBNHoldings, on the other hand, saw 10% declines to close at N4.23, N8.55, and N19.35 kobo, respectively.
The number of trades climbed by 318.285 million shares, or 27.37 percent, as investors moved 1.163 billion shares worth N12.694 billion in 8922 deals, compared to 844.715 million shares worth N9.412 billion the day before.
177.793 million shares of United Bank for Africa were traded, valued at N2.443 billion, followed by Japaul Gold with an account of 110.259 million shares costing N147.742 million, Transcorps with 87.094 million shares valued at N380.713 million, FCMB group with 86.473 million shares priced at N577.934 million, and AccessCorps with 65.445 million shares priced at N1.124 billion.
