Losses in Lafarge Africa, others drag capitalisation further by N6b

Transactions on the equities sector of the Nigerian Exchange Limited (NGX) continued on a decline yesterday, as sell-off in Lafarge Africa and 12 stocks dragged market capitalisation further by N6 billion.

Yesterday, the All Share Index (ASI) decreased by 9.87 absolute points, representing a dip of 0.02 per cent to close at 43,808.25 points. Similarly, the market capitalisation lost N6 billion to close at N23.861 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, UPDC Real Estate Investment Trust, FCMB Group, Royal Exchange and Access Holdings.

Analysts at Afrinvest Limited said, “despite improved market sentiment, we expect sell pressures to persist as more investors rotate into fixed income assets (with attractive yields) amid runaway inflation.”

However, market breadth closed positive, with 15 stocks advanced losers and 13 declined.

Learn Africa and Computer Warehouse Group (CWG) recorded the highest price gain of 10 per cent each to close at N1.65 and 88 kobo respectively, while Caverton Offshore Support Group followed with a gain of 8.75 per cent to close at 870 kobo.

Prestige Assurance went up by 8.33 per cent to close at 39 kobo, while Japaul Gold & Ventures appreciated by 7.41 per cent to close at 29 kobo, per share.

Academy press added 6.84 per cent to close at N1.25 kobo while NGX Group advanced by 4.55 per cent to close at N23.

GTCO appreciated by 2.26 per cent to close at N18.10 kobo. Oando increased by 2.11 per cent to close at N3.88 kobo. Fidelity Bank garnered 1.23 per cent to close at N4.10 kobo. BUAFoods appreciated by 1.16 per cent to close at N56.55 kobo.

Transnational Corporation of Nigeria (Transcorp) rose by 91 per cent to close at N1.11 kobo. Zenith Bank added 75 kobo to close at N20.10 kobo. FBN Holdings also gained 48 per cent to close at N10.55 kobo.

On the other hand, Lafarge Africa led the losers’ chart by 9.66 per cent to close at N20.10, per share. Royal Exchange followed with a decline of 9.41 per cent to close at 77 kobo, while Cornerstone Insurance went down by 9.09 to close at 40 kobo.

UPDC Real Estate Investment Trust lost 8.93 per cent to close at N2.55, while FTN Cocoa processors shed 8.82 per cent to close at 31 kobo. Chams dropped eight per cent to close at 23 kobo. ABC Transport shed 7.41 per cent to close at 25 kobo.

Unity Bank lost 3.70 kobo to close at 52 kobo. AIIC0 depreciated by 3.57 per cent to close at 54 kobo. First City Monument Bank shed 2.65 per cent to close at N3.30 kobo. CHI Plc declined by 1.61 per cent to close at 61 kobo. Cutix also lost 1.43 per cent to close at N2.07 kobo.

The total volume decreased by 44.7 per cent to 103.465 million shares, worth N1.187 billion, and traded in 3,045 deals. Transactions in the shares of FCMB Group topped the activity chart with 11.385 million shares valued at N124.225 million.

Transcorp followed with 11.307 million shares worth N12.349 million, while Fidelity Bank traded 10.337 million shares valued at N42.294 million.

Access Holdings traded 8.726 million shares valued at N71.029 million, while Guaranty Trust Holding Company (GTCO) transacted 5.967 million shares worth N107.940 million.