Investors experienced losses of N188 billion on the Nigerian Exchange Limited on Thursday due to declines in the share prices of Ikeja Hotel, Honeywell Flour, and Seplat Energy.
Ikeja Hotel’s shares dropped by 9.29 percent to close at N6.35, Honeywell Flour lost 8.41 percent to N3.16, and Seplat Energy declined by 8.30 percent to close at N3.480 for the day’s trading.
The market continued its downward trend for the fourth consecutive day as the All-Share Index and market capitalization decreased by 0.33 percent to close at 99,468.90 points and N56.27 trillion, respectively.
Fidelity Bank was the most traded security by volume with 46.78 million units in 389 deals, followed by Linkage Assurance with 32.12 million units in 127 deals.
On Wednesday, equity investors experienced losses of N2.18 billion with the All-Share Index and the market capitalization marginally decreasing by 0.004 percent to close at 99,802.08 and N56.46 trillion, respectively.
The market had 21 gainers, 18 losers, and 75 that closed flat.
Out of the covered sectors, four indices reported gains while the other two recorded losses. The banking and insurance indices increased by 0.1 percent and 0.4 percent respectively, supported by the price appreciation in United Bank for Africa, FBN Holdings, Linkage Assurance, and AlICO Insurance.
Conversely, the oil & gas and consumer goods indices dropped by 4 percent and 0.3 percent, respectively, due to profit-booking on SEPLAT, Oando, Dangote Sugar, and Honeywell Flour.
Analysts anticipate prolonged bearish performance due to subdued investor sentiment.
Engineer, Entrepreneur, forex trader and Analyst
