Index dips by 0.2 per cent amid losses in 35 stocks

Following losses in 35 stocks, the Nigerian Exchange Limited( NGX) all-share index (ASI) declined by 0.2 per cent after yesterday’s trading.At the close of transactions, the index lost 155.96 points, representing 0.2 per cent depreciation, to close at 105,799.17 points.

Also, market capitalisation shed N8 billion or 0.01 per cent to close at N66.344 trillion. The difference in the market indices was influenced by the listing of 16.667 billion ordinary shares of 50 kobo each at N4.50 kobo, offered through a private placement by Sterling Financial Holdings Company Plc.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are5 Oando, Nigerian Exchange Group, Livestock Feeds, eTranzact International and SUNU Assurance.

Looking forward, United Capital Plc said: “The equities market is expected to improve as investors react to the February 2025 inflation report and position themselves ahead of the full year, 2024 earnings season and possible corporate action declarations. Nevertheless, given the elevated interest rate environment in the fixed-income market, we still expect bearish sentiments to linger in the background.”

Vetiva Dealings and Brokerage said: “We are cautiously optimistic that bargain hunters will emerge in tomorrow’s session, which me lead to a mild recovery, however, we cannot rule out the possibility of sustained selling pressure keeping the market subdued.”

Also, investor sentiment, as measured by market breadth closed negative as 18 stocks advanced, while 35 declined. Academy Press emerged the highest price gainer of 9.92 per cent to close at N2.88 kobo. Neimeth International Pharmaceuticals followed with a gain of 8.43 per cent to close at N2.70 kobo, while Tantalizer rose by 6.83 per cent to close at N3.13 kobo.

Dangote Sugar Refinery declined by 4.71 per cent to close at N36.70 kobo while Stanbic IBTC Holdings advanced by 4.24 per cent to close at N61.50 kobo.
On the other hand, eTranzact International led others on the losers’ chart with 10 per cent to close at N5.85, per share. SUNU Assurance followed with a decline of 9.92 per cent to close at N4.63 kobo, while Prestige Assurance shed 8.26 per cent to close at N1.

Sovereign Trust Insurance lost 7.77 per cent to close at 95 kobo, while Red Star Express depreciated by 7.76 per cent to close at N5.35 kobo.

Also, the total volume traded declined by 36.38 per cent to 477.513 million units, valued at N7.059 billion, and exchanged in 13,520 deals. Transactions in the shares of Jaiz Bank led the activity with 194.502 million shares worth N596.607 million. Zenith Bank followed with account of 20.790 million shares valued at N989.827 million.

Sovereign Trust Insurance traded 18.944 million shares valued at N18.226 million. Prestige Assurance traded 18.484 million shares worth N18.930 million, while Fidelity Bank traded 14.538 million shares worth N247.563 million.