NGX reverses trend as index dips by 0.2 per cent

The Nigerian Exchange Limited (NGX) reversed gains, to close on a downward note yesterday, as the index declined by 0.2 per cent, amid a selloff in Guinness and 22 stocks.

Precisely, the All-Share Index declined by 157.33 points, representing a loss of 0.16 per cent to close at 98,128.00 points. Also, market capitalisation dipped by N89 billion to close at N55.509 trillion.

The downturn was driven by price depreciation in large and medium-capitalised stocks amongst which are Guinness Nigeria, Zenith Bank, Guaranty Trust Holding Company (GTCO), Multiverse Mining & Exploration and Nigerian Exchange Group.

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “We do not foresee any catalysts on the horizon that would shift the prevailing market sentiment; however, we cannot rule out pockets of demand in names that have depreciated in recent session.”

As measured by market breadth, market sentiment was negative, as 15 stocks gained relative to 22 losers. Tantalizer emerged as the highest price gainer of eight per cent to close at 54 kobo. Wapic Insurance followed with a gain of 7.81 per cent to close at 69 kobo, while Omatek Ventures rose by 7.69 per cent to close at 70 kobo.

Julius Berger appreciated by 7.19 per cent to close at N85.00, while Lafarge Africa advanced by 4.48 per cent to close at N35. Lafarge WAPCO appreciated by 4.48 per cent to close at N35. Oando gained 3.96 per cent to close at N10,.50 kobo. Nigerian Breweries appreciated by 3.46 per cent to close at N23.90 kobo. Universal Insurance garnered 2.86 per cent to close at 36 kobo. Regency insurance also rose by 2.78 per cent to close at 37 kobo.

On the other side, The Initiates Plc (TIP) led others on the losers’ chart with 10 per cent to close at N1.80 kobo. Multiverse Mining & Exploration followed with a decline of 9.82 per cent to close at N12.40 kobo, while Cornerstone Insurance dipped by 9.52 per cent to close at N1.90 kobo.

DEAP Capital Management & Trust lost 9.09 per cent to close at 40 kobo, while Caverton Offshore Support Group depreciated by 8.45 per cent to close at N1.30 kobo. Royal Exchange dipped by 8.33 per cent to close at 55 kobo. Chams lost 6.67 per cent to close at N1.40 kobo. Guinness depreciated by 5.28 per cent to close at N50.20 kobo. NGXGroup also shed 5.15 per cent to close at N22.10 kobo.

The total volume of trades increased by 18.7 per cent to 271.708 million units, valued at N5.435 billion, and exchanged in 7,383 deals. Transactions in the shares of Access Holdings led the activity with 35.358 million shares worth N1.110 billion. Zenith Bank followed with a volume of 75.849 million shares valued at N1.036 billion, while Guaranty Trust Holding Company (GTCO) traded 35.008 million shares valued at N1.348 billion.