Negative sentiments in Geregu, 26 stocks drag indices by N5b

Bear resurfaced on the equities sector of the Nigerian Exchange Limited (NGX), as heavy price depreciation in Geregu and 26 stocks dragged market capitalisation by N5 billion.

Yesterday, market capitalisation of listed equities declined by N5 billion, representing 0.01 per cent to N34.716 trillion from N34.721 trillion reported the previous day. The NGX All Share Index, which measures the performance of quoted companies also depreciated by 9.49 basis points to 63757.23 points from 63766.72 points, reported the previous day.

Volume of shares traded also declined by 335.310 million as investors traded 473.492 million shares valued at N10.081 billion in 7403 deals against 868.802 million shares worth N42.806 billion in 8970 deals

The downturn was impacted by losses in large and medium capitalised stocks amongst which are: Geregu, Flourmills, Uniuted Bank for Africa, Zenith Bank, NGX Group, Lafarge WAPCO and Sterling Bank.

Analysts at Vertiva Dealings and Brokerage, said: “While anticipating half year results, we expect mixed trading in the market, as investors decide which of the sectors to bet on.”

On the price movement chart, Honey Well Flour Mills led gainers, adding 10 per cent to close at N3.63 kobo while Eterna Plc followed with a gain of 9.98 per cent to close at N28.65 kobo. Academy Press appreciated by 9.95 per cent to close at N2.21 kobo.

Skyways Aviation Handling rose by 9.83 per cent to close at N16.20 kobo, RTBriscoe grew by 9.80 per cent to close at 56 kobo. John Holt garnered 9.63 per cent to close at N2.39 kobo.

EllaLakes appreciated by 9.55 per cent to close at N3.90 kobo. Union Bank added 9.55 per cent to close at N6.30 kobo. May&Baker increased by 9.49 per cent to close at N6. PZ Cussons also added 8.99 per cent to close at N19.40 kobo.

On the contrary, Prestige insurance and Geregu Power recorded highest loss, declining by 10 per cent each to close at 45 kobo and N315 respectively, while FTNCocoa trailed with 9.61 per cent decline to close at N2.07 kobo.

Linkage insurance dipped by 9.09 per cent to close at 70 kobo, Jaiz Bank shed 9.04 per cent to close at N1.71 kobo. Chams depreciated by 9.01 per cent to close at N1.01 kobo. Guinea Insurance dropped eight per cent to close at 23 kobo. Unity Bank lost 7.50 per cent to close at N1.48 kobo. Sterling Bank also lost 6.22 per cent to close at N3.47 kobo.

Transactions in the shares of Japaul Gold-led market activities during the day with 77.983 million shares valued at N64.586 million, FCMB group followed with 36.622 million shares cost N221.830 million.

Sterling Bank traded 31.239 million shares cost N109.046 million, Dangote Sugar sold a total of 30.704 million shares cost N845.901 million, Fidelity Bank exchanged 22.283 million shares cost N160.859 million.