Oando and Cutix Lead Equity Market to N108bn Loss

The Nigerian Exchange continued its downward trend on Wednesday, marking the third consecutive day of bearish trading. The All Share Index dropped by 0.20 percent, closing at 97,199.60 points, down from the previous day’s 97,390.01 points. This decline brings the year-to-date gain to 31.37 percent, the month-to-date performance to a negative 0.54 percent, and the week-to-date to a negative 1.42 percent.

Market capitalization also fell to N55.188 trillion, reflecting a loss of N108 billion compared to the previous trading session.

A total of 315.3 million shares were traded in 8,365 deals, resulting in a turnover of N5.48 billion. This represents a significant decrease in trading activity, with a 47 percent drop in volume, a 61 percent reduction in turnover, and a 26 percent decrease in the number of deals compared to the previous day.

Guinea Insurance led the gainers, with a 10 percent increase, closing at N0.44 per share. SFS Real Estate Investment Trust followed closely with a 9.96 percent gain, while Honeywell Flour Mill and RT Briscoe each recorded a 9.87 percent increase.

On the losing side, Oando and Cutix topped the chart, with their share prices falling by 9.95 percent and 9.92 percent, respectively. Oando closed at N36.20 per share, and Cutix ended the day at N5.36.

Other notable losers included Academy Press (-8.70 percent), Japaul Gold and Ventures (-7.89 percent), and Red Star Express (-6.98 percent).

The market breadth remained negative, with 25 equities declining and 22 posting gains. In total, 118 equities participated in trading, reflecting the ongoing bearish sentiment.

Veritas Kapital Assurance recorded the highest trading volume, with 38.4 million shares changing hands. This was followed by Guaranty Trust Holding Company (36.3 million), Universal Insurance (23.2 million), and Oando (22.1 million).

On Tuesday, the Nigerian equity market continued its bearish trend, driven by declining share prices of companies such as Oando, Livestock Feeds, Cornerstone Insurance Company, and Linkage Assurance. This downturn resulted in a 0.5 percent decrease in both market capitalization and the All-Share Index, closing at N55.31 trillion and 97,390.01 points, respectively.