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SEC loses N71,44bn as oil, banking stocks fell

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Factual Pursuit of Truth for Progress

Grace Cofie

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Investors in the equities of the Nigeria Exchange Limited recorded a loss of N71.44bn at the end of the trading session on Thursday as oil and gas and banking stocks fell.

The NGX All-Share Index fell to 43,245.02bps from 43,108.77bps while the market capitalisaton dipped from N22.57tn to N22.49tn on Wednesday.

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The market decline came as a result of the back of sell-off in Nigerian Breweries Plc, Seplat Energy Plc and some market bellwethers.

This was said by analysts at Atlas Portfolios Limited.

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However, market activities were positive as the total volume and value traded appreciated by 9.43 per cent and 12.53 per cent, respectively.

A total of 266.12 million shares valued at N4.22bn were exchanged in 3,905 deals on Thursday, compared to 243.19 million shares valued at N3.75bn in 3,777 deals the previous day.

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The NGX Insurance Index recorded the only gain of the day as it rose by 0.64 per cent.

The oil and gas, banking, consumer goods and industrial goods indices fell by 1.64 per cent, 1.16 per cent, 1.06 per cent and 0.01 per cent respectively.

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The market sentiment, as measured by the market breadth, was negative as 23 firms declined, compared to 14 gainers.

MRS Oil Nigeria Plc recorded the biggest loss on Thursday as its share price fell by 9.87 per cent.

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Chams Plc shed 8.7 per cent of its share price to close at N0.21. Other major losers were Ecobank Transnational Incorporated, Consolidated Hallmark Insurance Plc and Unity Bank Plc.

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