The Nigerian Exchange Limited (NGX) witnessed a remarkable 98% surge in daily trade volume on Thursday, reaching 1.12 billion units.
However, this surge came with a downside, as investors collectively incurred losses amounting to N35 billion by the close of the trading session.
The previous day, Wednesday, had seen a trade volume of 566,631,350 units of equities valued at N5.39 billion.
Despite the substantial increase in trade volume, Thursday’s trading only translated to an 8% rise in trade value, reaching N5.82 billion. The total number of deals executed, however, witnessed a slight dip of 3.07%, totaling 7,949.
Universal Insurance emerged as a major contributor to the surge in trade volume, with a whopping 669,012,278 million units of shares worth N134.21 million traded across 148 deals. Following closely was Oando Plc, with 100,687,873 units of shares valued at N1.46 billion exchanged in 1,656 deals.
Other notable stocks with high trade volumes included Japaul Gold (43,738,795 units, N43.39 million), Accesscorp (40,144,810 units, N681.95 million), and UBA (32,450,979 million units, N552.75 million).
NGX records marginal dip in market capitalization
At the close of the trading session, both the market capitalization and the NGX All-Share Index recorded a marginal dip of 0.09%, settling at N37.365 trillion and 68,271.14 basis points, respectively.
Bearish sentiments prevailed during the session, with 30 stocks closing in the red, compared to 20 gainers.
Notable gainers included John Holt, which saw its shares appreciate by 9.55% to close at N1.72 per unit. Omatek and Daar Communications also gained 9.52% each, closing at N0.46 and N0.23, respectively.
Mutual Benefits Assurance Plc recorded a 9.30% gain, closing at N0.47, while Sunu Assurance saw its stock rise by 9.09% to N0.96 per unit.
On the flip side, Oando led the list of losers, with a 9.93% depreciation, closing at N13.15 per unit. Lasaco saw a 9.71% decline in its share value, closing at N1.86.
Chams’ shares dipped by 9.59% to N1.32, Northern Nigerian Flour Mills Plc witnessed a 9.23% loss, closing at N15.25, and Tantalizer’s share depreciated by 8.57% to N0.32 per unit.
In a related development, President Bola Tinubu has called on foreign investors to consider bringing their capital into Nigeria, citing ongoing efforts by his administration to streamline capital flow.
This statement was made as he rang the closing bell at NASDAQ, New York, during a ceremony organized by the United States Chamber of Commerce, Nigerian Exchange Group Plc, and the Nigerian Investment Promotion Council on Wednesday night.