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Nigerian Stocks Reach 4-month Low, Wipe Off 614 Billion Naira

Posted by Anushiem Chidera on August 12, 2022 in News/Update

Nigerian Stocks Reach 4-month Low, Wipe Off 614 Billion Naira

Nigerian stocks fell 2.3 percent or 614.4 billion NGN on Thursday as bearish pressure on the shares of Dangote Cement and MTN Nigeria weighed on the benchmark index, plunging it to its lowest levels since April 28.

Transaction volume fell by 33 percent compared to Wednesday’s sessions, while turnover similarly declined by 24 percent.

Market breadth, an indicator of investors’ sentiment towards trade, closed negative as 16 laggards emerged, compared to 12 gainers. The remaining 83 participating stocks did not record price movement.

The all-share index dropped 1,139 basis points to close at 49,350.7 NGN, while market capitalization slowed to 26.6 trillion NGN.

Year to date, the index is up 15.5 percent.


NEM led the gainers, appreciating by 10 percent to close at 3.74 NGN. Prestige grew 10 percent to end yesterday’s trade at 0.44 NGN. Ellah Lakes went up by 9.78 percent to 3.93 NGN. Multiverse rose to 2.06 NGN, raking up 9.57 percent in the process. Ikeja Hotel climbed 9.28 percent to 1.06 NGN.


Cornerstone topped the losers’ chart, nosediving by 9.33 percent to close at 0.68 NGN. Dangote Cement shed 9.06 percent to close the day’s trading at 241 NGN. Japaul Gold fell to 0.34 NGN, losing 8.11 percent as a result. Sovereign Trust dipped to 0.25 NGN, posting a 7.41 percent depreciation. Stanbic IBTC closed at 29 NGN, losing 6.45 percent in the process.

Elsewhere, Japaul Gold was the most traded stock, trading 23.2 million shares worth 9 million NGN traded in 98 deals. AIICO’s shares of 14.8 million units, priced at 8.4 million NGN, exchanged hands in 48 transactions.

Sterling Bank had 14.3 million shares, valued at 21.4 million NGN, trading in 65 transactions. GTCO traded 7.9 million shares, valued at 160 million NGN, in 265 deals.