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NGX reopens bearish as profit-taking drags indices by N37bn

By Helen Oji
24 May 2022   |   4:12 am
The Nigerian Exchange Limited (NGX) reopened on a downward note yesterday, as profit-taking in Presco and 23 stocks dragged capitalisation by N37 billion.

The Nigerian Exchange Limited (NGX) reopened on a downward note yesterday, as profit-taking in Presco and 23 stocks dragged capitalisation by N37 billion.

The All Share Index (ASI) decreased by 68.45 absolute points, representing a dip of 0.13 per cent to close at 52,911.51 points. Similarly, the market capitalisation lost N37 billion to close at N28.525 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Presco, UAC of Nigeria (UACN), Lafarge Africa, Global Spectrum Energy Service and NEM Insurance.

Analysts at United Capital Plc anticipated continued market interest in the domestic equities space despite ongoing profit taking.

Vetiva Dealing and Brokerage said: “Market picked up from Friday’s negative close as price swings in large-cap names continue to dictate market direction. We anticipate another tepid trading session tomorrow amid bargain hunting activities across the board.”

Market breadth closed negative, with 24 losers versus 22 gainers. Conoil recorded the highest price gain of 9.95 per cent, to close at N34.25 kobo. MRS Oil Nigeria followed with a gain of 9.93 per cent to close at N14.95 kobo. McNichols Plc appreciated by 9.86 per cent to close at N2.34 kobio.

Academy Press went up by 9.76 per cent to close at N1.35 kobo while NPF Microfinance Bank appreciated by 8.02 per cent to close at N2.02 kobo.

On the other hand, Presco led the losers’ chart by 10 per cent, to close at N180.00, per share. Global Spectrum Energy Service followed with a decline of 9.97 per cent to close at N3.07, while Neimeth International Pharmaceuticals was down by 9.66 to close at N1.59 kobo.

UACN lost 8.33 per cent to close at N13.20 kobo, while NEM Insurance shed 7.74 per cent to close at N4.05 kobo. Prestige Assurance shed 7.32 per cent to close at 38 kobo while Jaiz Bank lost 6.67 per cent to close at 84 kobo. Courtville depreciated by 3.85 per cent to close at 50 kobo. Livestock shed 3.73 per cent to close at N1.55 kobo. ABC Transport dropped 3.03 per cent to close at 32 kobo. First City Monument Bank lost 2.86 per cent to close at N3.40 kobo.

Fidelity Bank also shed 1.72 per cent to close at N3.43 kobo.

However, the total volume of shares traded rose 39.68 per cent to 263.339 million shares, worth N3.550 billion, and traded in 4,856 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 114.008 million shares valued at N101.753 million. Guaranty Trust Holding Company followed with 12.873 million shares worth N302.843 million, while Transnational Corporation of Nigeria (Transcorp) traded 12.806 million shares valued at N16.726 million.

Access Holdings traded 11.658 million shares valued at N115.658 million, while Zenith Bank transacted 8.579 million shares worth N207.021 million.