Neimeth Falls 7.2% to Lead NGX Decliners

Neimeth International Pharmaceuticals Plc fell 7.2 percent on the Nigerian Exchange (NGX) on Thursday to lead the day’s reported decliners as investors took positions across selected equities.

The pharmaceutical company’s share price declined by N0.60 from N8.30 to N7.70, representing a 7.23 percent loss during the trading session.

The decline placed Neimeth ahead of Ellah Lakes, Mutual Benefits Assurance, Lasaco Assurance and Wema Bank on the losers’ table.

Ellah Lakes fell 5.33 percent from N8.45 to N8, shedding N0.45 per share.

Mutual Benefits Assurance declined 4.65 percent from N3.44 to N3.28, while Lasaco Assurance lost 4.44 percent to close at N1.72 from N1.80.

Wema Bank completed the five leading decliners after falling 3.93 percent from N31.80 to N30.55, representing a loss of N1.25 per share.

Neimeth’s decline came despite another positive session for the broader equities market.

The NGX All-Share Index advanced 0.38 percent to 252,150.01 points, from 251,191.02 points in the previous session.

Equity market capitalisation increased by approximately N623 billion to N163.68 trillion from N163.06 trillion on Wednesday.

Investors exchanged 978.29 million shares worth N50.16 billion in 48,558 deals during Thursday’s session.

On the gainers’ table, Critical Minerals Financing Corporation appreciated 10 percent from N2.70 to N2.97, while RT Briscoe gained 9.55 percent to N9.75.

Caverton Offshore Support Group rebounded 8.75 percent to N4.35, Nigerian Aviation Handling Company advanced 8.57 percent to N152, while Linkage Assurance gained 7.36 percent to N1.75.

Neimeth’s 7.23 percent decline to N7.70 therefore stood out against the broader market advance, making the pharmaceutical company the leading reported NGX decliner for Thursday’s session.