NGX reopens negative as capitalisation slumps by N20 billion
Transactions on the Nigerian Exchange Limited (NGX) reopened on a downward note yesterday, occasioned by losses in many blue-chip stocks, causing market capitalisation to slump by N20 billion.
Specifically, at the close of trading yesterday, market capitalisation of listed equities declined by 0.08 per cent to N22.578 trillion from N22.598 trillion reported on Friday.
Similarly, the All Share Index (ASI) also plunged by 37.31 basis points to 43270.94 points from 43308.25 traded the previous day.
The market negative performance was driven by price depreciation in large and medium capitalised stocks, which are: Presco, UPDC Real Estate Investment Trust, International Breweries, Zenith Bank and Oando.
Investors traded 213.126 million shares valued at N2.359 billion in 4105 deals against 305.323 million shares worth N3.577 billion in 4450 deals.
Analysts at Vetiva Dealings and Brokerage said: “Following the recent bearish sentiment in the market, sell-offs continued in major sectors as the domestic bourse saw a bit of profit taking today.
“We expect a mixed trading pattern tomorrow, with continued profit taking in some tickers whilst also taking positions in some fundamentally sound stocks due to recent price dip.”
Further breakdown of yesterday’s transactions showed that market sentiment was negative, as 21 stocks depreciated in price while 14 others constituted the gainers’ chart.
UPDC recorded the highest loss, declining by 9.90 per cent to close at N4.55 kobo while Chi Plc fell by 7.27 per cent to close at 51 kobo.
Regal Insurance dipped by 4.76 per cent to close at 40 kobo. Wapic Insurance and International Breweries dropped four per cent to close at 48 kobo and N4.80 kobo.
NPF Microfinance Bank depreciated by 2.91 per cent to close at N1.67 kobo. OANDO declined by 2.78 per cent to close at N4.90 kobo. Lasaco also dropped 1.89 per cent to close at N1.04 kobo.
AIICO Insurance Plc led the gainers’ table during the day, adding 8.57 per cent to 76 kobo while Living Trust Mortgage Bank followed with a gain of 7.95 per cent to 95 kobo. Veritas Kapital added 4.76 per cent to close at 22 kobo.
ABC Transport Associated Company increased by 3.03 per cent to close at 34 kobo. Courteville Business Solutions gained 2.56 per cent to 40 kobo.
Unity Bank gained 1.92 per cent to close at 53 kobo. Vitafoam appreciated by 1.86 per cent to close at N21.90 per share.
On the activity chart, FCMB group was the most active stock during the day, exchanging 58.454 million shares valued at N179.917 million, AIICO Insurance followed with an account of 13.506 million shares worth N10.386 million.
Zenith Bank traded 12.777 million shares valued at N308.695 million, GTCO sold 12.388 million shares worth N309.673 million while Access Bank exchanged 10.902 million shares valued at N98.519 million.