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Bears sustain dominance as index slides further by 1.5%

By Helen Oji
01 June 2022   |   2:15 am
Losses suffered by many blue-chip stocks, especially Nigerian Breweries and Northern Nigeria Flour mills (NNFM), sustained the dominance of the bears on the equities sector of the Nigerian Exchange Limited...

Nigerian Exchange Limited (NGX). Photo/FACEBOOK/ ngxgroup

Losses suffered by many blue-chip stocks, especially Nigerian Breweries and Northern Nigeria Flour mills (NNFM), sustained the dominance of the bears on the equities sector of the Nigerian Exchange Limited (NGX) as the All-share index depreciated further by 1.5 per cent.

Market capitalisation of listed equities declined further by N421 billion or 1.5 per cent to N28.trillion from N28.989 trillion reported the previous day. The NGX All-Share Index also depreciated by 135.00 basis points to 52,990.28 points from 53772.14 points reported the previous day.

Investors traded 318.278 million shares valued at N3.713 billion in 5190 deals against 27.564 billion shares worth N194.356 billion in 4585 deals.

Analysts at Vetiva Dealing and Brokerage said: “The bullish run witnessed in April due to the impressive Q1 results seen across board spilled into May, as the market consolidated on April’s 5.69 per cent gain to post a return of 8.05 per cent.

“The positive close was possible despite the profit taking seen towards the end of the month as selected large-cap names like AIRTELAFRI which gained 27.49 per cent m/m lifted market performance. We are likely to see continued profit taking across board creating buy interest in some of the fundamentally sound names, while large-cap names continue to dictate market direction.”

Nigerian Breweries topped the losers’ chart, dropping by 9.96 per cent to close at N62.40 kobo. Northern Nigeria Flour Mills followed, shedding 9.83 per cent to close at N10.55 kobo. Japaul Gold dipped by 9.09 per cent to close at N10.30 kobo. Prestige Insurance fell by 6.98 per cent to close at 40 kobo, Multiverse dipped by 4.76 per cent to close at 20 kobo.

Sovereign Trust Insurance shed four per cent to close at 24 kobo while United Capital depreciated by 3.35 per cent to close at N13. Honeywell flourmills dropped 2.44 per cent to close at N3.20 kobo. Lafarge WAPCO lost 2.35 per cent to close at N27.05 kobo. Royal Exchange dropped 1.92 per cent to close at N1.02 kobo. United Bank for Africa (UBA) also fell by 1.90 per cent to close at N7.75 kobo.

Transcorp Hotel led the gainers’ table, adding 6.84 per cent to close at N6.25 kobo while Champion Breweries followed with a gain of 5.05 per cent to close at N3.95 kobo. CWG gained 5.05 per cent to close at N1.04 kobo.

Ecobank Transnational Incorporated added 5.04 per cent to close at N12.50 kobo. Lasaco Insurance appreciated by 4.81 per cent to close at N1.09 kobo.

Guinness gained 3.90 per cent to close at N90.50 kobo. Regency insurance gained 3.57 per cent to close at 29 kobo. Jaiz Bank added 3.53 per cent to close at 88 kobo. Fidelity Bank appreciated by 3.03 per cent to close at N3.40 kobo. TransNational Corporation garnered 2.46 per cent to close at N1.25 kobo. Unity Bank appreciated by 2.08 per cent to close at 49 kobo.

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