Equity market sustains bearish trend as ASI declines by 0.05

The Nigerian Exchange Limited continued its bearish trend on Thursday, as the benchmark All-Share Index dipped by 0.05 per cent, closing at 102,788.20.

Despite the minor decline, the market posted a weekly gain of 0.59 per cent and a 4-week gain of 1.41 per cent. However, the year-to-date performance remained slightly negative, with a 0.13 per cent loss.

The market capitalisation of the NGX currently stands at N63.1 tn, with 123 listed equities participating in today’s trading session, which ended with 28 gainers and 28 losers.

SCOA Nigeria emerged as the top gainer, appreciating by 9.76 per cent to close at N3.60 per share, followed by Daar Communications (+9.09 per cent), May & Baker Nigeria (+8.43 per cent), and Prestige Assurance Company (+6.82 per cent).

 On the flip side, Morison Industries recorded the highest loss, declining by 9.98 per cent to close at N3.61 per share. Other notable losers included C&I Leasing (-9.91 per cent), Ikeja Hotel (-8.89 per cent), and Neimeth International Pharma (-8.51 per cent).

At the close of trading, a total of 390,357,501 shares valued at N21.44 bn were traded across 12,159 deals, reflecting a 45 per cent improvement in turnover and a 13 per cent increase in the number of deals compared to the previous trading day.

In terms of sector performance, the Banking Index posted the most impressive gain, increasing by 1.04 per cent, followed by the Pension Index, which grew by 0.28 per cent. Other indices, including the Top 30 Index, Premium Index, and Industrial Index, showed mixed results.

The highest volume of trades was recorded by Guaranty Trust Holding, with 42.1 million shares traded, followed by United Bank for Africa (37.4 million), Zenith Bank (25.2 million), and Access Holdings (24.3 million).

In a recent development, the Nigerian Exchange Regulation Limited has announced the delisting of two companies, Tourist Company of Nigeria Plc and Union Homes Savings and Loans Plc, from the Daily Official List of the Nigerian Exchange Limited, effective 31 January 2025.

This decision, approved by the Board of NGX regco during its meeting on December 16, 2024, follows prolonged periods of non-compliance with post-listing obligations by both companies.

According to a circular filed on the Nigeria Exchange recently, TCN has remained non-compliant for nine years, while Union Homes have been in breach for eleven years.

It added that despite repeated efforts by NGX regco to engage the companies and assist in resolving their deficiencies, including serving a final delisting notice in July 2024, no progress was made.

The PUNCH reported that transactions on the Nigerian Stock Exchange closed on a negative note on Wednesday, as the market reversed previous gains, recording a decline of 0.29 per cent.