The Nigerian Exchange (NGX) extended its downward movement on Thursday with the benchmark All-Share Index falling 0.39 percent over two days as equities market capitalisation declined by approximately N620 billion.
The NGX All-Share Index closed at 244,956.94 points, compared with 245,911.13 points on October 20, representing a decline of 954.19 points or approximately 0.39 percent over the period.
Equities market capitalisation similarly dropped from N159.668 trillion on October 20 to N159.048 trillion on October 22, wiping approximately N619.55 billion from the value of listed equities.
On October 22 alone, the benchmark index declined 0.07 percent as selling pressure persisted across several equities.
Trading activity, however, showed a mixed pattern over the two-day period.
Investors exchanged 360.75 million shares on October 22, up 3.4 percent from the 348.75 million shares recorded on October 20.
Despite the higher volume, the value of transactions declined substantially, falling from N25.88 billion to N20.32 billion, a reduction of approximately N5.56 billion or 21.5 percent.
The number of transactions also decreased from 32,639 deals on October 20 to 31,401 deals on October 22, representing a decline of about 3.8 percent.
Livestock Feeds emerged as the most actively traded equity by volume on October 22, with 40.97 million shares worth N766.20 million changing hands.
Zenith Bank followed with 33.78 million shares and dominated trading by value at N4.12 billion, while GTCO recorded 20.97 million shares worth N2.56 billion.
Jaiz Bank traded 19.23 million shares valued at N149.86 million, while NSL Tech recorded 18.41 million shares worth N12.75 million.
On the gainers’ chart, AVA Capital advanced 9.85 percent from N6.60 to N7.25, making it the strongest-performing ordinary equity among the securities reported.
PZ Cussons Nigeria followed with an 8.58 percent increase from N63.50 to N68.95, while Tantalizers gained 5.85 percent to N3.98 and International Energy Insurance rose 5.42 percent to N2.14.
Thomas Wyatt Nigeria led the decliners, falling 10 percent from N2.80 to N2.52, while Austin Laz & Company dropped 8.81 percent to N2.90.
NSL Tech declined 6.85 percent to N0.68, UPDC lost 6.49 percent to N3.60 and Cornerstone Insurance fell 6.12 percent to N4.60.
The combination of falling market capitalisation and transaction value, despite an increase in the number of shares traded, showed that the Nigerian equities market remained under selling pressure during the two-day period.
