“MARKET PLUNGE: CONOIL, GUINNESS NIGERIA WIPE OUT N663BN IN STOCK MARKET VALUE
GREATRIBUNETVNEWS–THE Nigerian stock market experienced a significant downturn on Wednesday, with investors losing N663 billion in value. The decline was led by sell-offs in Conoil and Guinness Nigeria, among other stocks, resulting in a 0.73% drop in market capitalization.
Market Performance:
N663bn Loss: The market capitalization dropped from N90.227 trillion to N89.564 trillion, representing a loss of N663 billion.
All-Share Index: The All-Share Index declined by 0.73% or 1,047.16 points, closing at 141,566.31.
– Market Breadth: The market breadth was negative, with 52 losers and 18 gainers.
Top Losers:
Conoil: Conoil led the losing chart with a 9.98% decline, closing at N211.10 per share.
Guinness Nigeria: Guinness Nigeria also dipped by 9.98%, settling at N140.20 per share
Consolidated Hallmark Holdings fell by 9.94 per cent, finishing at N4.35, and Royal Exchange dropped by 9.92 per cent, closing at N2.27 per share.
Also, FG142027S1 shed by 36.97 per cent, finishing at N75 per share.
Conversely, Austin Laz led the gainers’ table by 10 per cent, closing at N2.64, while Champion Breweries grew by 9.97 per cent, settling at N19.74 per share.
NCR Nigeria soared by 9.77 per cent, finishing at N9.55, and Multiverse Mining and Exploration rose by 8.82 per cent, ending the session at N11.10 per share.
Similarly, Enamelware gained by 8.64 per cent, closing at N39 per share.
An analysis of the market activities revealed a decline in the market volume, value, and deals as 721.82 million shares valued at N12.94 billion were traded across 28,745 transactions.
This is in contrast with 1.03 billion shares valued at N17.66 billion that was exchanged across 34,352 transactions earlier on Tuesday.
Meanwhile, Champion Breweries led the activity chart with 54.5 million shares valued at N988.3 million.
Universal Insurance followed with 47.8 million shares worth N57.3 million while Royal Exchange transacted 46.2 million shares valued at N105.2 million.
Regency Alliance Insurance traded 40.8 million shares worth N55.5 million, and AIICO Insurance sold 39.3 million shares valued at N156.4 million.
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