Berger leads losers as NGX cap sheds N48bn

The Nigerian stock market recorded an N48bn decline in market capitalisation at the close of trading on Wednesday, as bearish sentiments pushed the NGX All-Share Index down by 0.07 per cent to 106,090.38 points.

This marked a 0.33 per cent loss in one week and a 1.61 per cent decline over four weeks, despite a 3.



07 per cent year-to-date gain. Conoil led the losers’ chart with a 10 per cent drop in share price, closing at N331.20 per share.

Berger Paints followed with a 9.81 per cent decline, while International Energy Insurance and Multiverse Mining and Exploration shed 9.79 per cent and 9.

66 per cent respectively. Other notable decliners included Regency Alliance Insurance with 8.70 per cent and Universal Insurance with 8.

20 per cent. Despite the overall market downturn, some stocks posted gains. Tantalizers led the gainers with a 9.

79 per cent increase to N3.14 per share, followed by Secure Electronic Technology with 9.68 per cent, Caverton Offshore Support Group with 9.

09 per cent, and FTN Cocoa Processors with 6.51 per cent. Trading activity surged significantly, with a total of 1.

49bn shares exchanged in 11,748 deals, amounting to a market value of N10.26bn. This represented a 362 per cent jump in trading volume, a 30 per cent increase in turnover, and a seven per cent decline in the number of deals compared to the previous session.

Sovereign Trust Insurance recorded the highest traded volume, accounting for 990 million shares, followed by Jaiz Bank with 187 million shares, Secure Electronic Technology with 43.5 million shares, and Zenith Bank with 22.8 million shares.

Sectoral performance was mixed, with the NGX Banking Index gaining 0.25 per cent and the Pension Index rising by 0.04 per cent.

However, the Premium Index fell 0.11 per cent, the Top 30 Index lost 0.08 per cent, and the Industrial Index dipped slightly by 0.

17 per cent over the past week. Analysts at Afrinvest expect further profit booking to shape sentiment, reinforcing the bearish tone in the market. The PUNCH reported that the Nigerian Exchange recorded a bearish performance on Tuesday as the market lost N285bn in capitalisation, dragged by losses in key stocks such as MeCure Industries, Associated Bus Company, and Daar Communications.

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