Capitalisation dips by N25b amid losses in Aradel, 23 stocks

The Nigerian Exchange Limited (NGX) closed on a downturn yesterday, occasioned by sell pressure in many bluechip stocks, especially Aradel Plc, causing market capitalisation to decline by N25 billion.

The all-share index (ASI) fell by 41.01 points, representing a decline of 0.04 per cent to close at 108,568.50 points. Accordingly, investors lost N25 billion in value as market capitalisation declined to N67.659 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Aradel Holdings, Africa Prudential, Nigerian Breweries, Oando and Ikeja Hotel.

Investor sentiment, as measured by market breadth closed negative as 32 stocks advanced, while 24 declined.

Abbey Mortgage Bank emerged the highest price gainer of 10 per cent to close at N3.41 kobo. University Press followed with a gain of 9.78 per cent to close at N5.05 kobo, while Sovereign Trust Insurance advanced by 9.57 per cent to close at N1.26 kobo.

Regency Alliance Insurance increased by 7.58 per cent to close at 71 kobo, while The Initiates Plc added 7.23 per cent to close at N4.30 kobo.

On the other side, Union Dicon Salt led others on the losers’ chart with 9.77 per cent to close at N6. Deap Capital Management and Trust followed with 7.07 per cent to close at 92 kobo, while CWG lost 5.75 per cent to close at N8.20 kobo.

Ikeja Hotels depreciated by 5.56 per cent to close at N11.90, while Tantalizers declined by 4.88 per cent to close at N1.95 kobo.

Sectoral performance was mixed as the oil & gas (-1.0 per cent) and banking (-0.7 per cent) indices declined, while the consumer goods (+0.7 per cent) and Insurance (+0.1 per cent) indices advanced. The Industrial Goods index remained unchanged.

The total volume of trades increased by 22.56 per cent to 421.256 million units, valued at N8.425 billion, and exchanged in 13,269 deals.

Transactions in the shares of Ellah Lakes led the activity with 136.677 million shares worth N440.157 million.

Zenith Bank followed with account of 22.979 million shares valued at N1.150 billion, while Guaranty Trust Holding Company (GTCO) traded 20.832 million shares valued at N1.307 million.

Jaiz Bank traded 17.396 million shares worth N58.592 million, while United Bank for Africa (UBA) traded 16.278 million shares worth N617.003 million.