The daily volume of trade on the Nigerian Exchange Limited surged by 98% to 1.12 billion units on Thursday as investors lost N35 billion at the end of the trading session.
According to The Punch, 566,631,350 units worth of equity trades totaling N5.39 billion were announced on Wednesday.
Despite the increase in trade volume, the value of trade on Thursday only rose by 8% to N5.82 billion. Deal volume dropped overall by 3.07 percent to 7, 949.
According to NGX data, Universal Insurance, which had 669,012,278 million units of its shares worth N134.21m moved in 148 deals, was the main driver of the increase in trading volume. Oando Plc came in second with 1656 transactions totaling 100,687,873 shares worth N1.46 billion.
Other equities with a large volume of activity include Japaul Gold, whose shares were exchanged for 43,738,795 units worth N43.39 million, Accesscorp, whose shares were exchanged for 40,144,810 units worth N681.95 million, and UBA, whose shares were exchanged for 32,450,979 units worth N552.75 million.
At the end of the trading day, the market capitalization and the NGX All-Share Index, respectively, were N37.365tn and 68,271.14 basis points lower than they had been earlier. With 30 losers and 20 winners during the trading session, the bears were dominant.
The top gainers were Daar Communications, Omatek, and John Holt, whose shares each increased by 9.52 percent to close at N0.46 and N0.23, respectively. John Holt’s shares increased by 9.55 percent to close at N1.72 a unit. Sunu Assurance’s shares increased 9.09% to N0.96 per unit, and Mutual Benefits Assurance Plc gained 9.30% to settle at N0.47.
Oando led the losers table with a 9.93% depreciation to close at N13.15 per unit, Lasaco lost 9.71% of its share value to close at N1.86, Chams’ shares fell by 9.59% to close at N1.32, Northern Nigerian Flour Mills Plc’s shares dropped by 9.23% to N15.25, and Tantalizer’s share dropped by 8.57% to N0.32 per unit.
However, President Bola Tinubu has called on foreign investors to bring their capital into Nigeria saying his administration is working on easing the free flow of capital.
In a ceremony on Wednesday night organized by the US Chamber of Commerce, Nigerian Exchange Group Plc, and the Nigerian Investment Promotion Council, Tinubu made this statement just before he rang the closing bell of the NASDAQ, New York.
