Equities Market Records ₦100bn Loss

The Nigerian equities market experienced a setback this Wednesday, December 4, 2024, with investors losing ₦100 billion. Market capitalisation closed at ₦59.2 trillion, down from the ₦59.3 trillion recorded on Tuesday, December 3, marking a dip after hours of trading.

Top gainers in the session included Beta Glass Company Plc, Golden Guinea Breweries Plc, and Lafarge Africa Plc, while Sovereign Insurance Plc led the decliners. The All-Share Index (ASI) also recorded a decline, slipping by 31.30 points to close at 97,702.56 from the previous day’s 97,733.86.

Despite the decline in market metrics, trading activity showed a modest increase, with 9,403 deals executed compared to the 9,329 recorded on Tuesday. A total of 399.5 million shares were traded in these deals, corresponding to a market value of ₦9.2 billion.

In total, 122 equities listed on the Nigerian Exchange (NGX) participated in the trading session, with 29 stocks recording gains and 23 posting losses.

Among the top-performing stocks, Beta Glass Company Plc saw its share price jump by 10.00 percent, moving from ₦49.00 to ₦53.90. Golden Guinea Breweries Plc also recorded a 10.00 percent increase, climbing from ₦3.70 to ₦4.07. Lafarge Africa Plc posted a significant 9.95 percent gain, with its price advancing from ₦63.80 to ₦70.15. Honeywell Flour Mills Plc and Sunu Assurances Nigeria Plc followed with increases of 9.89% and 9.88 percent, respectively.

On the losing end, Sovereign Insurance Plc suffered the steepest drop, falling 10.00 percent to close at ₦0.80. John Holt Plc declined by 9.98 percent, with its share price sliding from ₦8.92 to ₦8.03. Ellah Lakes Plc recorded a 9.92 percent dip, ending at ₦3.18 from its previous ₦3.53. Thomas Wyatt Nigeria Plc and Aradel Holdings Plc also faced significant declines, with losses of 9.42 percent and 8.72 percent, respectively.

First Bank of Nigeria Holdings Plc led trading activity, with a staggering 779 million shares worth ₦18.8 billion exchanged across 3,754 deals. AXA Mansard Insurance Plc followed, trading 33 million shares valued at ₦243 million in 49 deals. United Bank for Africa Plc recorded a volume of 31 million shares worth ₦1.05 billion across 210 deals, while Access Holdings Plc traded 28 million shares valued at ₦671 million in 134 transactions.