Emily Thompson
Wed, Aug 9, 2023 7:55 AM

Sell Pressure in Geregu and 23 Stocks Cause Nigerian Stock Market to Drop by N15 Billion

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Sell Pressure in Geregu and 23 Stocks Cause Nigerian Stock Market to Drop by N15 Billion
The Nigerian Exchange Limited (NGX) experienced a decline due to sell pressure in Geregu and 23 stocks, resulting in a N15 billion depreciation in market capitalisation. Despite positive market breadth, the all-share index (ASI) decreased by 0.04%. The article provides a detailed analysis of the stocks that gained and lost during this period.

The Nigerian Exchange Limited (NGX) witnessed a reversal in gains as sell pressure hit Geregu and 23 other stocks, leading to a depreciation of N15 billion in market capitalisation on the stock exchange. This decline in market value also caused the all-share index (ASI) to drop by 27.06 points, representing a decrease of 0.04% and closing at 65,309.65 points. The total market capitalisation decreased to N35.54 trillion.

The sell pressure on Geregu and other stocks had a significant impact on the stock market's performance. Northern Nigeria Flour Mills (NNFM), Eterna, Dangote Sugar Refinery, and Cadbury Nigeria were among the large and medium capitalised stocks that experienced price depreciation during this period.

Despite the overall decline, some stocks managed to gain value. Guinness Nigeria Plc emerged as the leading gainer, with a 10% increase in stock price. GlaxoSmithKline and Chellaram followed closely with gains of 9.74% and 9.73% respectively. Universal Insurance and Guinea Insurance also recorded positive gains of 9.09% and 7.14% respectively.

On the other hand, the losers' chart was topped by NSLTech, which experienced a 10% decline in stock price. Northern Nigeria Flour Mills, JohnHolt, and Tantalizer also saw significant drops in stock price, contributing to the overall negative performance of the market.

The total volume traded during this period declined by 4.97% to 317.808 million units, valued at N4.472 billion. These trades were executed through 6,376 deals.

This recent market movement highlights the volatility and sensitivity of the Nigerian stock market to various factors. Investors and market participants should closely monitor market trends and company performance to make informed investment decisions.

Overall, the sell pressure in Geregu and other stocks led to a decline in the Nigerian Exchange Limited's market capitalisation. While some stocks experienced gains, the overall market performance was negative. Investors should exercise caution and consider long-term investment strategies to navigate the dynamic nature of the stock market.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Investing in the stock market involves risks, and readers should conduct their own research and analysis before making any investment decisions.

Source of content: OOO News 2023-08-09 News

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