Investors lose Rp113 billion as NGX shares are temporarily suspended

Nigeria’s equity market continued its negative trend on Tuesday as investors lost N113 billion at the close of trading for the day.

This follows the suspension of trading in some shares by the Nigerian Xchange Group (NGX) for failing to file its 2023 audit results.

NGX Issuer Regulatory Department Head Godstime Iwenekhai, in a statement on Monday, announced the suspension of eight stocks.

The affected companies are – C & I Leasing Plc, Guinea Insurance Plc, Lasaco Assurance Plc and Mutual Benefits Assurance Plc.

The others are – NPF Microfinance Bank Plc, Regency Alliance Insurance Plc, Secure Electronic Technology Plc, and Unity Bank Plc.

He said: “Trading in the shares of the eight (8) companies below has been suspended from the facilities of the Nigerian Exchange Limited (NGX or the Exchange) effective today, Monday, 8th July 2024 for failure to file Audited Financial Statements for the year ended 31st December 2023.”

At the end of trading on Tuesday, stocks such as AFRIPRUD, UACN, and RTBRISCOE among others fell on the trading floor.

ALSO READ: NGX: Investors end week with Rp56 billion loss as stocks plunge

After five hours of trading in the capital market, equity capitalization declined to N56.4 trillion from N56.5 trillion posted by the exchange on Monday.

The All Share Index (ASI) fell to 99,805.95 from 100,007.11 recorded on the previous trading day.

The market breadth was positive as 27 stocks rose and 24 stocks fell, while 56 stocks remained unchanged in 8,256 trades.

CHAMPION, CADBURY and ETERNA led the other gainers with share price growth of 9.97%, 9.94% and 9.87% respectively to close at N3.31, N18.25 and N16.70 from N3.01, N16.60 and N15.20 per share previously.

On the other hand, AFRIPRUD, UACN and RTBRISCOE led the other price decliners as they fell by 10%, 7.28% and 7.14% respectively to close at N8.10, N14.00 and N0.65 from initial prices of N9.00, N15.10 and N0.70 per share.

On the volume index, VERITASKAP led the trade with 36 million shares worth N47 million in 421 deals followed by FIDELITY BANK which traded 33 million shares worth N340 million in 383 deals.

AIICO traded 25 million shares worth N28 million in 204 transactions.

On the value index, GTCO recorded the highest value for daily traded shares worth N1.084 billion in 491 transactions followed by ZENITH BANK which traded equities worth N657 million in 494 transactions.

GEREGU traded shares worth N631 million in 47 transactions.

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