NGX: Honeywell Flour, FBNH, UPDC crash equity market as investors lose N130 billion

Investors in the Nigerian equity market experienced sluggish trading on Thursday, recording a loss of N130 billion at the close of trading for the day.

This follows the decline in share prices of shares such as HONYFLOUR (Honeywell Flour Mill), FBNH (First Bank of Nigeria Holdings), and UPDC Plc (formerly UACN Property Development Company) among others on the trading floor.

After five hours of trading in the capital market, equity capitalization declined to N56.3 trillion from N56.4 trillion recorded by the bourse on Wednesday.

The benchmark All-Share Index (ASI) fell to 98,003.75 from 98,230.92.

Market breadth was negative as 23 stocks advanced and 26 stocks declined, while 65 stocks remained unchanged in 9,848 trades.

ABC TRANS, UPL, and FIDSON led other gains with share price growth of 10%, 9.95%, and 9.85% respectively to close at N0.99, N2.43, and N14.50 from previously N0.90, N2.21, and N13.20 per share.

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On the other hand, HONYFLOUR, FBNH and UPDC led the other price decliners as they fell by 9.98%, 9.88% and 9.74% respectively to close at N4.87, N30.55 and N1.76 from initial prices of N5.41, N33.90 and N1.95 per share.

On the volume index, JAPAUL GOLD led the trade with 106 million shares worth N259 million in 176 deals followed by UACN which traded 57 million shares worth N1.1 billion in 153 deals.

FIDELITY BANK traded 48 million shares worth N599 million in 513 transactions.

On the value index, UACN recorded the highest value for daily traded equities worth N1.1 billion in 153 transactions followed by GTCO which traded equities worth N679 million in 291 transactions.

OANDO traded shares worth N646 million in 772 transactions.

By: Babajide Okeowo

NGX: Honeywell Flour, FBNH, UPDC crash equity market as investors lose N130 billion first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.