Nigerian Exchange Group: Investors Record Huge Loss

NGX

On Wednesday, investors in the equities market of the Nigerian Exchange Limited (NGX) lost a sum of N2.44bn owing to sell-offs of some banking stocks.

The Nigerian Exchange (NGX) All-Share Index plunged marginally by 0.01 per cent to close at 39,545.67 basis points from 39,550.36bps recorded on the previous day – Tuesday.

It was gathered that, investors merchandized more securities as the trading volume increased by 19.17 per cent from 110.77 million shares in 3,305 deals on Tuesday to 132.01 million shares worth N2.67bn in 3,307 deals on Wednesday.

The top loser, SCOA Nigeria Plc depreciated the most as its share price dropped by 9.66 per cent to N1.59 at the end of trading on the floor of the NGX on Wednesday.

It was followed by Prestige Assurance Plc, which dropped by 8.33 per cent to close at N0.44 per share.

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Other losers were Regency Alliance Insurance Plc (-6.98 per cent), Mutual Benefits Assurance Plc (-5.71 per cent), and Caverton Offshore Support Group Plc (-5.49 per cent).

On the other hand, top gainer; Pharma-Deko Plc gathered 10.00 percent gain to close at N1.43 per share; followed by BOC Gases Plc, which gained 8.33 percent to close at N10.10 per share.

Likewise, Honeywell Flour Mills Plc mapped a 9.72 percent gain. Courtville Business Solutions Plc and Associated Bus Company Plc picked 8.00 percent and 6.06 percent gain respectively.