Equity market sustains decline with N128bn loss

The bearish trading pattern continued on the Nigerian Exchange Limited on Thursday, as investors lost N128bn.

The local bourse has dipped in two consecutive sessions after recording two gains in a row.

The All-Share Index and the market capitalisation dipped by 0.21 per cent to close at 98,081.38 and N59.43tn, respectively.

Similarly, the number of deals, volume of trade and value of trades also declined to 7,318, 239,308,707 and N6.41bn, respectively.

The market sentiment was positive as reflected in 29 gainers and 16 losers with Golden Guinea Brewery leading the gainers’ chart with a 10 per cent gain to close at N3.74,

It was followed by Deap Capital Management & Trust, whose shares appreciated by 9.85 per cent to N1.45 and TransCorp Power gained 9.68 per cent to close at N330.90.

Transcorp Power recently released its third quarter report where it grew revenue by 153 per cent to N223.6bn from N88.4bn in Q3 2023.

Its profit before tax for the period surged by 198 per cent, to N81.1bn, compared to N27.3bn in the same period in the previous year.

On the losers’ chart were newly listed Aradel Holdings shares, which shed 10 per cent to settle at N694.80.

Aradel Holdings was listed at N702.69 per share through a ‘Listing by Introduction’ on Monday.

Also, on the losers’ chart were Regency Assurance which depreciated by 8.82 per cent to N0.62 and Daar Communications lost 6.78 per cent to close trading at N0.55.

Banking stocks dominated the trades with Sterling Financial Holding company trading 42,786,982 worth of shares valued at N213.02m, 20,054,095 units of Zenith Bank’s shares traded at N751.82m and 19,631,545 units of Guaranty Trust Holding Company Plc worth over N1tn were traded.