NGX Group, NB, others drag capitalisation by N6 billion

The bears resurfaced in the equities sector of the Nigerian Exchange Limited (NGX) yesterday, occasioned by losses in many blue-chip stocks, especially Nigerian Exchange Group (NGXGroup) and Nigerian Breweries (NB) as market capitalisation depreciated by N6 billion.

In summary, the All-Share Index (ASI) declined by 11.21 absolute points, representing a decrease of 0.02 per cent to close at 46,766.16 points. Similarly, the overall market capitalisation value lost N6 billion to close at N25.212 trillion.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are: Nigerian Exchange Group (NGXGroup), Nigerian Breweries, NASCON Allied Industries, Guaranty Trust Holding Company (GTCO) and NPF Microfinance Bank.

On market outlook, GTI Securities Limited said: “Bearish sentiment crawled back as the equity market closed negative. We expect bearish sentiments to persist all through the week as investors continue to watch developments in the economy.”

Market breadth closed negative, as 18 stocks declined while 16 others recorded price appreciation.

NPF Microfinance Bank led the losers’ chart by 9.78 per cent to close at N2.03 while R.T. Briscoe Nigeria followed with a decline of 8.93 per cent to close at 51 kobo.

Prestige Assurance shed 8.16 per cent to close at 45 kobo while Niger Insurance and Chams depreciated by 4.76 per cent each to close at 20 kobo. Jaiz Bank shed 4.48 per cent to close at 64 kobo.

Unity Bank dropped 4.26 kobo to close at 45 kobo. FTN Cocoa declined by 3.03 per cent to close at 32 kobo. Oando lost 2.89 per cent to close at N4.71 kobo. National Salt Company of Nigeria also declined by 2.46 per cent to close at N11.90 kobo.

However, Regency Alliance Insurance recorded the highest price gain of 10 per cent to close at 33 kobo. Livestock Feeds followed with a gain of 9.59 per cent to close at N1.60 kobo. Multiverse Mining and Exploration added 9.52 per cent to close at 23 kobo.

Meyer Plc appreciated by 9.30 per cent to close at 94 kobo. Linkage Assurance gained 8.51 per cent to close at 51 kobo. Mutual Benefits Assurance garnered 8.33 kobo to close at 26 kobo.

Wema Bank appreciated by 3.45 per cent to close at N3. Honeywell Flour mills added 2.96 per cent to close at N3.48 kobo. GlaxoSmithKline gained 2.63 per cent to close at N5.85 kobo. Caverton also lost 2.26 per cent to close at N1.36 kobo.

Meanwhile, the total volume of trades rose by 1.6 per cent to 261.592 million units, valued at N2.434 billion, and exchanged in 4,668 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 81.749 million shares valued at N281.150 million.

Transnational Corporation of Nigeria followed with 30.722 million shares worth N30.107 million, while GTCO traded 15.49 million shares valued at N345.605 million.

Access Holdings traded 15.258 million shares valued at N148.834 million, while Zenith Bank transacted 10.002 million shares worth N227.33 million.