….As Market Cap Declines To N66.15Trn, Naira Gains At FX Market
The Nigerian Exchange Group (NGX), the Nigerian capital market supervisory group, invoked its regulatory powers as stipulated in Clause 14 of the Amended Form of General Undertaking on Thursday by delisting three companies, namely Capital Oil Plc, Goldlink Insurance Plc, and Medview Airline Plc from the Nigerian Exchange for failing to meet listing standards.
The move reflected the NGX’s commitment to maintaining market integrity and ensuring that only sound securities remain tradable on the local bourse.
Even then, the equities market marginally rebounded despite sector-wide declines, with insurance stocks at the frontline on the positive momentum with AFRIPRUD (9.76%) and GUINEAINS (9.52%) leading the top gainers’ chart.
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Data from the NGX indicated that the market’s All Share Index (NGXASI)settled at 105,525.26 points, yet market capitalization declined, closing at N66.15 trillion at the end of the day’s trading session.
Similarly, trade activity softened at the market, as volume and value traded declined by 9.35% and 27.24%, respectively, across 13,667 deals, signaling a cautious approach by market participants.
Overall, the Insurance sector remained the lone gainer following a 1.70 % gain, driven by strong performances from AFRIPRUD (9.76%), GUINEAINS (9.52%), MANSARD (7.87%), and LASACO (7%) despite declines in UNIVINSURE (-3.51%) and ROYALEX (-7.34%).
Conversely, the Consumer Goods index was the most hit today declining by 0.66% as PZ (-9.97%), CHAMPION (-7.82%), and HONYFLOUR (-3.73%) weighed heavily on the sector, followed by the Banking index, which declined by 0.36% as gains in ZENITHBANK (0.11%) and FIDELITYBK (2.36%) failed to offset losses in ACCESSCORP (-0.44%), FIRSTHOLDCO (-4.58%), FCMB (-3.19%), and GTCO (-0.14%).
The Oil and Gas index extended its decline, depreciating by 0.19% as losses in OANDO (-2.19%) and JAPAULGOLD (-1.03%) weighed the sector down. Meanwhile, the industrial goods index recorded a marginal decline.
According to the NGX trading data, financial services stocks dominated trading activity, with UNIVINSURE, ZENITHBANK, ROYALEX, UBA, and FIDELITYBK jointly accounting for 46% of the total volume traded.
Meanwhile, On the foreign exchange front, the Naira appreciated against the US dollar by 0.49%, closing at N1,535.25/$1.
Interestingly, the global oil market prices showed that Brent crude prices rose by 0.46% to settle at $74.95 per barrel, reflecting mild optimism in global energy markets.
