Equities reopen bearish on NGX with N20 billion loss
Losses suffered by many blue-chip stocks, especially in the shares of Scoa and Veritas Kapital, dragged transactions on the Nigerian Exchange Limited (NGX) as it reopened on a bearish note yesterday, forcing market capitalisation to plunge by N20 billion.
At the close of transactions yesterday, the market capitalisation of listed equities declined by N20 billion to N20.270 trillion from N20.290 trillion reported on Friday. The All Share Index also depreciated by 37.45 basis points to 38906.42 points from 38943.87 points traded the previous day.
Investors traded 190.959 million shares valued at N2.353 billion in 3462 deals against 155.096 million shares valued at N1.945 billion in 2906 deals.
On the price movement chart, market breadth closed at par, as 19 stocks depreciated in price while 19 others constituted the gainer’s chart.
SCOA Plc topped the losers’ chart, shedding 9.43 per cent to close at 96 kobo. Veritas Kapital trailed with a loss of 8.70 per cent to close at 21 kobo. Linkage Assurance fell by 6.56 per cent to close at 57 kobo.
PZ Cussons dipped by 5.98 per cent to close at N5.50 kobo. Cornerstone Insurance depreciated by 5.77 per cent to close at 49 kobo. Wapic Insurance dropped 4.00 per cent to close at 48 kobo. Unity Bank also shed 3.64 per cent to close at 53 kobo.
On the other hand, Chi Plc led the gainers chart with 9.62 per cent to close at 57 kobo while Chams Plc followed with a gain of 9.52 per cent to close at 23 kobo. Courtville Business Solutions added 6.90 per cent to close at 31 kobo. Wema Bank appreciated by 3.95 per cent to close at 79 kobo.
Nigerian Aviation Handling Company (NAHCO) increased by N3.62 percent to close at N3.15 kobo. African Prudential added 3.23 per cent to close at N6.40 kobo. Union Bank of Nigeria gained 3.09 per cent to close at N5.00 kobo. West African Portland Company garnered 2.33 per cent to close at N22.00 kobo.
UPDC gained 2.22 per cent to close at N1.84 kobo. Prestige Assurance also appreciated by 2.13 per cent to close at 48 kobo.
The result further showed that Ekocorp recorded the highest volume of activities for the day, exchanging 40 million shares valued at N231.600 million, United Bank for Africa followed with 10.809 million shares worth N82.231 million.
Transnational Corporation of Nigeria (Transcorp) traded 9.753 million shares worth N8.910 million, Sovereign Trust Insurance exchanged 9.644 million shares valued at N2.324 million, while Fidelity Bank sold a total of 9.247 million shares worth N22.187 million.