Index dips further by 0.5 per cent amid sell pressure in 19 stocks

Following sell pressure in 19 stocks, the Nigerian Exchange Limited (NGX ) sustained a sliding profile yesterday, as the All-share index plummeted further by 0.5 per cent.

At the close of transactions yesterday, market capitalisation of listed equity depreciated by 0.54 per cent to N55.264 trillion from N55.561 trillion it closed on Friday.

The All Share Index also decreased by 530.50 basis points to 97708.74 points from 98234.24 traded the previous day. Yesterday’s downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat, National Salt Company of Nigeria (NASCON), PZ Cussons, Etranzact, TransNational Corporation of Nigeria (Transcorp), United Bank for Africa (UBA) and Unity Bank. On the price movement chart, 24 stocks depreciated while 19 constituted the loser chart.

Analysts at United Capital Plc said: “We expect activities in the fixed income market to continue to stand as a strong demotivator toward equities investments. We expect April, 2024 Inflation report to stand as a key economic data that investors will watch out for this week.”

The Initiates Plc and Tantalizer led gainers’ table with 8.70 per cent each to close respectively at N2.50 and N2.50 kobo while Sterling Bank followed with a gain of 5.38 per cent to close at N4.70 kobo.

Ikeja Hotel added 5.37 per cent to close at N7.45 kobo. UPL gained 4.65 per cent to close at N2.25 kobo.Livestock Feeds garnered 4.05 per cent to close at N1.80 kobo.

Jaiz Bank appreciated by 2.98 per cent to close at N2.42 kobo. Japaul Gold garnered 2.83 per cent to close at N2.19 kobo. NPF MicroFinance Bank rose by 2.81 per cent to close at N1.83 kobo. First City Monument Bank also gained 2.53 per cent to close at N8.10 kobo.

However, Seplat Energy recorded the highest loss, dropping by 10 per cent to close at N2962.30 kobo, PZ Cusson trailed with a loss of 9.91 per cent to close at N25, Etranzact was down by 9.68 per cent to close at N5.60 kobo, Unity Bank dipped by 8.20 per cent to close at N1.60 kobo. NASCON was down by 7.50 per cent to close N37.

Linkage Assurance depreciated by 7.23 per cent to close at 77 kobo. Royal Express lost 6.56 per cent to close at 57 kobo. Chams shed 6.15 per cent to close at N1.68 kobo. Guinea Insurance declined by 5.88 per cent to close at 32 kobo. Regency insurance fell by 5.88 per cent to close at 32 kobo. Omatek also dropped 5.41 per cent to close at 70 kobo.

The total volume traded advanced by 27.51 per cent to 439.100 million units, valued at N11.377 billion, and exchanged in 8,607 deals. Transactions in the shares of Notore Chemical Industries topped the activity chart with 74.426 million shares valued at N4.652 billion.

Access Holdings followed with 43.054 million shares worth N749.944 million, while Universal Insurance traded 38.332 million shares valued at N13.949 million.

UBA traded 37.276 million shares valued at N903.088 million, while Regency Alliance Insurance transacted 31.994 million shares worth N10.276 million.