Losses in Caverton, others drag NGX indices by N3 billion
Despite price gains that outweighed losses, transactions on the Nigerian Exchange Limited (NGX) reopened on a negative note, yesterday, as sell-off in Caverton and eight others dragged market capitalisation by N3 billion.
Specifically, at the close of trading, market capitalisation of listed equities declined marginally by 0.01 per cent to N26.794 trillion from N26.796 trillion reported on Friday. The NGX All Share Index also depreciated by 5.60 basis points to 59676.55 from 49682.15 traded the previous day.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Ardova, Caverton Offshore Support Group, Guaranty Trust Holding Company (GTCO) and John Holt Plc.
Analysts at United Capital Plc expect the market to reverse to a bear market, as investors remain cautious about the equities market amid a rising yield environment and tight system liquidity.
They said, “however, investors are expected to continue cherry-picking stocks with solid underlying fundamentals.”
Meanwhile, market breadth closed positive as 18 stocks gained relative to eight losers.
On the price movement chart, Trans Express led the gainers’ chart, increasing by 9.52 per cent to close at 69 kobo. UPDC REITs followed with a gain of 9.23 per cent to close at N3.55 kobo.
Multiverse added 9.17 per cent to close at N2.62 kobo. Vitafoam Nigeria Plc gained 8.37 per cent to close at N22. Courtevillle Business Solution rose by 8.33 per cent to close at 52 kobo.
Mutual Benefit Assurance added 6.67 per cent to close at 32 kobo. Nigerian Aviation Handling Company gained 5.71 per cent to close at N5.92 kobo. Jaiz Bank appreciated by 4.65 per cent to close at 90 kobo. Chams garnered four per cent to close at 26 kobo. UACN also gained 2.78 per cent to close at N11.10 kobo.
On the contrary, Caverton topped the losers’ chart during the day, dropping 9.57 per cent to close at N1.04 kobo while JohnHolt trailed with a loss of 8.99 per cent to close at 81 kobo. Japaul Gold fell by 8.82 per cent to close at 31 kobo.
AIICO Insurance depreciated by 3.64 per cent to close at 53 kobo. Nigerian Breweries fell by 2.80 per cent to close at N45.80 kobo. Academic Press shed 1.87 per cent to close at N2.10 kobo. Ardova declined by 1.22 kobo to close at N12.10 kobo. Fidelity Bank dropped 65 kobo to close at N3.04 kobo. GTCO also fell by 50 kobo to close at N19.90 kobo.
The total volume traded increased by 20.38 per cent to 232.945 million units, valued at N2.186 billion, and exchanged in 4,425 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 40.421 million shares valued at N36.172 million.
Access Holdings followed with 35.805 million shares worth N293.556 million, while FBN Holdings traded 23.064 million shares valued at N251.379 million.
Mutual Benefits Assurance traded 19.935 million shares valued at N6.059 million, while Zenith Bank transacted 12.450 million shares worth N273.664 million.