NGX extends bearish sentiments as index plunges further by 0.5%

The Nigerian Exchange Limited (NGX) extended bearish sentiments to four consecutive sessions, as virtually all the blue-chip stocks depreciated in price yesterday, causing the All-Share Index (ASI) to dip further by 0.5 per cent.

Yesterday, the ASI declined by 215.18 per cent, representing 0.51 per cent loss, to close at 42,247.98 points. Similarly, the overall market capitalisation value lost N112 billion to close at N22.045 trillion.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are: Seplat Energy, MTN Nigeria Communications (MTNN), BOC Gases Nigeria, Stanbic IBTC Holdings and Zenith Bank.

Afrinvest Limited said: “In the final trading session, we maintain our expectation of modest recovery as investors take advantage of bargain opportunities in the market.”

Vetiva Dealings and Brokerage said: “The market was lifted by block transactions in FBNH and SEPLAT, while activity was muted in the broader market. We expect the market to continue to trade in a similar pattern amid continued interest in the banking space.”

On the price movement chart, market sentiment was negative as 34 stocks depreciated in price while 17 others constituted the gainers’ chart.

Meyer Plc recorded the highest price gain of 10 per cent to close at 22 kobo while NEM Insurance followed with a gain of 7.33 per cent to close at N2.05 kobo. Royal Exchange appreciated by 5.88 per cent to close at 54 kobo.

Japaul Gold and Ventures rose by 5.26 per cent to close at 40 kobo. Chams increased by 4.76 per cent to close at 22 kobo.

On the other hand, BOC Gases Nigeria led the losers’ chart by 10.00 per cent to close at N9.45 kobo. UACN Property Development Company (UPDC) followed with a decline of 9.09 per cent to close at 90 kobo, while Trans-Nationwide Express lost 8.99 per cent to close at 81 kobo, per share.

LivingTrust Mortgage Bank declined 8.33 per cent to close at 88 kobo, while AXA Mansard shed 7.89 per cent to close at N2.10, per share.

Meanwhile, the total volume traded fell by 3.4 per cent to 324.020 million units, valued at N5.294 billion, and exchanged in 4,706 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 113.360 million shares valued at N1.346 billion. Guaranty Trust Bank Holding Company (GTCO) followed with 33.477 million shares worth N821.132 million, while Access Bank traded 18.965 million shares valued at N170.666 million.

Transnational Corporation of Nigeria (Transcorp) traded 18.139 million shares valued at N18.235 million, while Zenith Bank transacted 14.563 million shares worth N346.513 million.