Monday, 3rd October 2022
<To guardian.ng
Search
Breaking News:

Losses in Okomu Oil, 23 stocks drag indices further by N78 billion

By Helen Oji
19 August 2022   |   4:05 am
The Nigerian Exchange Limited (NGX) yesterday, extended its losing streak as price depreciation in Okomu Oil and 23 others dragged the market capitalisation further by N78 billion.

NGX Group building

The Nigerian Exchange Limited (NGX) yesterday, extended its losing streak as price depreciation in Okomu Oil and 23 others dragged the market capitalisation further by N78 billion.

Specifically, the All Share Index (ASI) decreased by 144.79 absolute points, representing a dip of 0.29 per cent to close at 49,546.38 points. Similarly, the market capitalisation lost N78 billion to close at N26.724 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Flour Mills of Nigeria, Cadbury Nigeria, MTN Nigeria Communications (MTNN) and BUA Cement.

Analysts at GTI Securities Limited said, “we expect mixed sentiments to continue in the course of the week.”

Vetiva Dealing and Brokerage said: “Trade pattern has remained the same this week, as sell-side interest continues to outweigh demand and the banking sector dominates the activity chart. For the last session of the week, we still expect similar sentiments to filter into the market.”

Market breadth closed negative, with 12 gainers versus 24 losers. FTN Cocoa processors recorded the highest price gain of 10 per cent to close at 33 kobo. Regency Alliance Insurance followed with a gain of 8.70 per cent to close at 25 kobo while Prestige Assurance rose by 8.33 per cent to close at 52 kobo.

Red Star Express went up by 5.88 per cent to close at N2.70 kobo. Caverton Offshore Support Group rose by 3.96 per cent to close at N1.05 kobo. Nigerian Aviation Handling Company (NAHCO) appreciated by 3.07 per cent to close at N6.04 kobo. Linkage Assurance gained 1.96 per cent to close at 52 kobo. NGX Group added 1.25 per cent to close at N20.25 kobo. Zenith Bank garnered 1.15 per cent to close at N21.95 kobo. United Bank for Africa also gained 72 per cent to close at N7.

On the other hand, NEM Insurance led the losers’ chart by 9.98 per cent to close at N3.97per share. Okomu Oil followed with a decline of 9.96 per cent to close at N195.30 kobo while University Press fell by 9.91 per cent to close at N1.91 kobo.

Lasaco Assurance went down by 9.57 to close at N1.04 kobo while Multiverse Mining and Exploration shed 8.70 per cent to close at N2.10 kobo. Cadbury declined by 8.05 per cent to close at N13.70 per share. RT Btriscoe shed 7.89 per cent to close at 35 kobo. Cutix depreciated by 6.98 per cent to close at N2. Eterna lost 5.57 per cent to close at N6.61 kobo. PZ Cussons also shed 5.22 per cent to close at N8.50 kobo.

However, the total volume of trades rose by 14.1 per cent to 146.987 million units, valued at N2.650 billion and exchanged in 3,180 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 38.972 million shares valued at N431.888 million. United Bank for Africa (UBA) followed with 13.021 million shares worth N91.226 million, while Access Holdings traded 10.204 million shares valued at N84.410 million.

Guaranty Trust Holding Company (GTCO) traded 6.513 million shares valued at N132.157 million, while Stanbic IBTC Holdings transacted 6.172 million shares worth N172.859 million.