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NGX sustains losing streak, as value of 16 stocks fall

By Helen Oji
08 April 2022   |   2:39 am
The Nigerian equities market sustained a sliding profile at the end of yesterday’s transactions, occasioned by losses in UACN and 15 others as the all-share index

The Nigerian equities market sustained a sliding profile at the end of yesterday’s transactions, occasioned by losses in UACN and 15 others as the all-share index (ASI) depreciated further by 0.5 per cent.

Nigerian Exchange Limited (NGX)


The Nigerian Exchange Limited (NGX) ASI decreased by 222.65 absolute points, representing a dip of 0.5per cent to close at 46,543.51 points. Similarly, the market capitalisation lost N120 billion to close trading at N25.092 trillion.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, among which are UAC of Nigeria, Transcorp Hotels, Ecobank Transnational Incorporated (ETI), Dangote Sugar Refinery and GlaxoSmithKline Consumer Nigeria.

On market outlook, GTI Securities Limited said: “Bearish sentiment persists as the equity market closed negative. We expect negative sentiments to persist for the rest of the week, pending any significant economic developments.”

However, market sentiment, as measured by market breadth, was positive as 20 stocks gained, while 16 depreciated.

Conoil recorded the highest price gain of 9.89 per cent, to close at N24.45 kobo. R.T. Briscoe Nigeria followed with a gain of 9.8 per cent to close at 56 kobo, while Japaul Gold and Ventures appreciated by 9.68 per cent to close at 34 kobo.

Meyer went up by 9.57 per cent to close at N1.03, while Regency Alliance Insurance appreciated by 9.09 per cent, to close at 36 kobo. On the other hand, Veritas Kapital Assurance led the losers’ chart by 8.7 per cent, to close at 21 kobo. UACN followed with a decline of 7.49 per cent to close at N10.50 kobo while Transcorp Hotels depreciated by 6.78 per cent to close at N4.95 kobo.

UPDC Real Estate Investment Trust lost 2.94 per cent to close at N3.30 kobo while ETI shed 2.92 per cent to close at N11.65 kobo.

Also, the total volume traded fell by 6.7 per cent to 244 million shares, worth N2.4 billion, and traded in 4,710 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 44.426 million shares valued at N155.6 million.

Transnational Corporation of Nigeria followed with 35.757 million shares worth N34.8 million while Zenith Bank traded 23.3 million shares valued at N53.2 million.

United Bank for Africa traded 15.635 million shares valued at N121.3 million, while Access Holdings transacted 12.913 million shares worth N125.9 million.