Trade Volume Hits N1.12bn On Nigerian Stock

The daily volume of trade on the Nigerian Exchange Limited increased by 98 per cent to 1.12 billion units on Thursday as investors lost N35bn at the close of the trading session.

The volume of traded equities reported on Wednesday stood at 566,631,350 units worth N5.39bn. Despite the surge in the volume of trade, the value of trade on Thursday only increased by eight per cent to N5.82bn. The total number of deals fell by 3.07 per cent to 7,949.

Based on NGX data, the surge in the volume of trade was driven by Universal Insurance which had 669,012,278 million units of its shares worth N134.21m traded in 148 deals. Oando Plc followed with 100,687,873 units of shares valued at N1.46bn exchanged in 1656 deals.

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Other stocks with high volume of trade include Japaul Gold with 43,738,795 units worth N43.39m, Accesscorp with 40,144,810 units of shares valued at N681.95m and UBA with 32,450,979 million units of its shares worth N552.75m traded on the exchange.

Both the market capitalisation and the NGX All-Share Index dipped by 0.09 per cent at the close of the trading session to N37.365tn and 68,271.14 basis points.  The bears dominated trading session with 30 losers as against 20 gainers.

Top gainers include John Holt whose shares appreciated by 9.55 per cent to close at N1.72 per unit, Omatek and Daar Communications gained 9.52 per cent each to close at N0.46 and N0.23 respectively. Mutual Benefits Assurance Plc gained 9.30 per cent to close at N0.47 and Sunu Assurance’s stock’s rose 9.09 per cent to N0.96 per unit.

On the losers table, Oando led with 9.93 per cent depreciation to close at N13.15 per unit, Lasaco lost 9.71 per cent of its share value to close at N1.86, Chams’ shares dipped by 9.59 per cent to close at N1.32, Northern Nigerian Flour Mills Plc’ shares lost by 9.23 per cent to N15.25, Tantalizer’s share depreciated by 8.57 per cent to N0.32 per unit.

Meanwhile, 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.

Tinubu stated this just before he rang the closing bell of NASDAQ, New York, a ceremony organised by United States Chamber of Commerce, Nigerian Exchange Group Plc and Nigerian Investment Promotion Council on Wednesday night.