Losses in FBNH, 17 stocks drag index by 0.1 per cent

The bears resurfaced in the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as profit-taking in FBN Holdings (FBNH) and 17 stocks dragged the index by 0.1 per cent.

In summary, the All-Share Index (ASI), declined by 76.90 absolute points, representing a decrease of 0.14 per cent to close at 53,193.98 points. Similarly, the overall market capitalisation value lost N42 billion to close at N28.677 trillion.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; FBN Holdings (FBNH), Stanbic IBTC Holdings, Champion Breweries, NEM Insurance and eTranzact International.

On market outlook, analysts at GTI Securities Limited said “The stock market closed positively, as bargain hunting was seen in all the major sectors. We expect cautious trading to continue.”

Vetiva Dealings and Brokerage said: “Market continues to trade mixed with days of positive activity followed by sell-offs. We anticipate further mixed sessions with minimal activity as investors continue to cherry-pick attractive counters across the board.”

Market breadth closed negative as 18 stocks lost while 16 others appreciated, in price. Champion Breweries led the losers’ chart with 9.79 per cent to close at N3.50 kobo.

Cornerstone Insurance followed with a decline of 9.68 per cent to close at 56 kobo and eTranzact International shed 9.67 per cent to close at N2.71 kobo.

NEM Insurance shed 8.33 per cent to close at N3.85 kobo while Japaul Gold and Ventures depreciated by 6.25 per cent to close at 30 kobo. FBN Holdings lost 5.50 per cent to close at N10.30 kobo.

Jaiz Bank shed 5.26 per cent to close at 90 kobo. LearnAfrica declined by 5.06 per cent to close at N2.25 kobo. Unity Bank dropped 4.08 per cent to close at 47 kobo. Fidelity Bank also fell by 3.51 per cent to close at N3.30 kobo.

On the other hand, Caverton Offshore Support Group recorded the highest price gain of 7.34 per cent to close at N1.17 kobo. FTN Cocoa processors followed with a gain 5.88 per cent to close at 36 kobo while Transnational Corporation of Nigeria (Transcorp) gained 5.69 per cent to close at N1.30 kobo. Cutix appreciated by 4.98 per cent to close at N2.74 kobo. Linkage Assurance gained 3.70 per cent to close at 56 kobo.

Meanwhile the total volume of trades rose slightly by 6.11 per cent to 248.959 million units, valued at N1.861 billion, and exchanged in 4,265 deals. Transactions in the shares of Transcorp topped the activity chart with 103.558 million shares valued at N131.251 million.

Fidelity Bank followed with 24.810 million shares worth N80.206 million, while FBNH traded 12.518 million shares valued at N130.627 million.

Japaul Gold and Ventures traded 10.349 million shares valued at N3.120 million, while Chams transacted 7.812 million shares worth N1.877 million.