In a noteworthy development in the Nigerian financial markets, the daily trade volume on the Nigerian Exchange Limited experienced a remarkable 98% surge, reaching 1.12 billion units on Thursday. Despite this surge, investors found themselves on the losing end, with a collective loss of N35 billion recorded at the close of the trading session.
On Wednesday, the reported volume of traded equities stood at 566,631,350 units, valued at N5.39 billion. However, the increased trading activity on Thursday only led to an eight percent rise in the total trade value, reaching N5.82 billion. The total number of deals executed on the exchange fell by 3.07%, totaling 7,949 deals.
Universal Insurance took the lead in driving the surge in trade volume, with an impressive 669,012,278 million units of its shares valued at N134.21 million traded in 148 deals. Oando Plc closely followed, recording 100,687,873 units of shares with a total value of N1.46 billion, exchanged in 1,656 deals.
Several other stocks also contributed to the increased trade volume, including Japaul Gold with 43,738,795 units worth N43.39 million, Accesscorp with 40,144,810 units of shares valued at N681.95 million, and UBA with 32,450,979 million units of its shares worth N552.75 million.
Despite the heightened trading activity, both the market capitalization and the NGX All-Share Index dipped by 0.09% at the close of the trading session, settling at N37.365 trillion and 68,271.14 basis points, respectively. The trading session was largely dominated by bearish sentiment, with 30 losers compared to 20 gainers.
Top Gainers and Losers
Among the top gainers were John Holt, whose shares appreciated by 9.55% to close at N1.72 per unit. Omatek and Daar Communications also gained 9.52% each, closing at N0.46 and N0.23, respectively. Mutual Benefits Assurance Plc saw a 9.30% gain, closing at N0.47 per share, while Sunu Assurance’s stock rose by 9.09% to N0.96 per unit.
On the flip side, Oando led the pack of losers with a 9.93% depreciation, closing at N13.15 per unit. Lasaco lost 9.71% of its share value, closing at N1.86, while Chams’ shares dipped by 9.59% to close at N1.32. Northern Nigerian Flour Mills Plc recorded a loss of 9.23%, closing at N15.25, and Tantalizer’s share depreciated by 8.57% to N0.32 per unit.
President Tinubu’s Call for Foreign Investment
In a related development, President Bola Tinubu urged foreign investors to bring their capital into Nigeria, emphasizing that his administration is actively working on easing the free flow of capital into the country. This statement was made as he rang the closing bell of NASDAQ in New York, during a ceremony organized by the United States Chamber of Commerce, Nigerian Exchange Group Plc, and Nigerian Investment Promotion Council. The call for foreign investment signals Nigeria’s commitment to attracting global capital and fostering a more conducive investment environment.
