Negative sentiment resurfaces, market loses N7b
After days of an uptrend, bearish sentiments resurfaced in the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as losses in Geregu and 26 stocks dragged market capitalisation by N7 billion.
At the close of transactions yesterday, market capitalisation of listed equities depreciated by 0.02 per cent to N30.387 trillion from N30.394 trillion reported the previous day. The All Share Index also declined by 13.79 basis points to 55806.71 points.
The downturn was impacted by losses recorded in medium and large capitalised stocks, among hich are; Geregu, CAP, Zenith Bank, FBN Holdings, Betaglas and Custodian & Allied Insurance,
Reacting to market performance, Vetiva Dealings and Brokerage said: “We anticipate another mixed session in the market tomorrow, with investors favouring the Oil and Gas space, particularly players in the oil marketing space, as the positive sentiment stemming from last week persists in the space.
On the price movement chart, 26 stocks appreciated while 27 constituted the losers chart.
JohnHolt led others on the losers’ chart, shedding 9.95 per cent to close at N1.72kobo. Courtvellle Business Solutions trailed with a loss of 9.80 per cent to close at 46 kobo. Chams was down by 9.76 per cent to close at 32 kobo, Wapic Insurance fell by 9.76 per cent to close at 42 kobo.
Academy Press lost 7.89 per cent to close at N1.75 kobo. Aiico Insurance shed 6.45 per cent to close at 58 kobo. Jaiz Bank depreciated by 6.15 per cent to close at N1.22 kobo.
Custodian and Allied Insurance dropped 5.47 per cent to close at N6.05 kobo. Japaul Gold declined by 5.13 per cent to close at 37 kobo. Tantalizers also lost 4.76 per cent to close at 20 kobo.
On the other hand, Omatek and NEM Insurance led the gainers’ chart, adding 10 per cent each to close at 22 kobo and N5.50 kobo while
Conoil and MRS followed with a gain of 9.94 kobo each to close at N76.85 and N54.20 kobo.
Eterna Plc added 9.73 per cent to close at N10.15 kobo. Union Bank gained 9.72 per cent to close at N7.90 kobo. Transcorp Hotel appreciated by 9.52 per cent to close at N9.78 kobo. Cornerstone Insurance gained 8.43 per cent to close at 90 kobo. Sovereign Trust Insurance garnered 8.33 per cent to close at 39 kobo. Lasaco increased by 7.05 per cent to close at N1.67 kobo. PZ Cussons also rose by 5.41 per cent to close at N19.50 kobo.
Investors exchanged 369.779 million shares valued at N19.841 billion in 7221 deals against 455.760 million shares worth N6.117 billion exchanged hands the previous day in 7457 deals.
Transactions in the shares of Geregu Power led activity during the day, with 52.491 million shares valued at N16.365 billion, NPF Microfinance Bank followed with an account of 50.023 million shares worth N90.041 million.
Access Corp traded 46.234 million shares valued at N573.551 million, Zenith Bank traded 28.745 million shares valued at N800.619 million, United Bank for Africa traded 16.246 million shares worth N151.743 million.