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Sell-off in UBN, 15 stocks drag indices further by N16 billion

By Helen Oji
07 July 2022   |   4:00 am
The Nigerian Exchange Limited (NGX) extended losses for the third consecutive session yesterday, as a sell-off in Union Bank of Nigeria (UBN), 15 stocks dragged market capitalisation further by N16 billion.

The Nigerian Exchange Limited (NGX) extended losses for the third consecutive session yesterday, as a sell-off in Union Bank of Nigeria (UBN), 15 stocks dragged market capitalisation further by N16 billion.

At the close of transactions yesterday, the All Share Index (ASI) decreased by 29.96 absolute points, representing a dip of 0.06 per cent to close at 51,556.54 points. Similarly, the market capitalisation lost N16 billion to close at N27.795 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Union Bank of Nigeria (UBN), Champion Breweries, NEM Insurance, International Breweries and University Press.

GTI Securities Limited said “Stock market closed transactions for yesterday flat, as bargain hunting and indecisiveness continues to trail the market. We expect cautious trading to continue throughout the week.

“We saw bargain hunting activities in the banking sector, as four Tier-1 names posted marginal gains. We do not foresee any major deviation from today’s session as we expect the market to continue to trade mixed with minimal activity level.”

However, market breadth closed slightly positive, with 17 gainers versus 16 losers. Academy Press recorded the highest price gain of 9.79 per cent to close at N1.57 kobo. Consolidated Hallmark Insurance followed with a gain 8.70 per cent to close at 75 kobo, while Japaul Gold and Ventures rose 7.41 per cent to close at 29 kobo.

UPDC Real Estate Investment Trust went up by 4.35 per cent to close at N3.60, while Chams appreciated by 4.17 per cent to close at 25 kobo.
Wema Bank rose by 3.03 per cent to close at N3.40 kobo. Livestock added 2.27 per cent to close at N1.35 kobo. Unity Bank gained 2.17 per cent to close at 47 kobo. AllCO also added by 1.59 per cent to close at 64 kobo.

On the other hand, Champion Breweries and NEM Insurance led the losers’ chart by 10 per cent each to close at N3.60 and N3.42 respectively, while Union Bank followed with a decline of 9.76 per cent to close at N5.55 kobo.

University Press lost 8.91 per cent to close at N2.35, while R.T. Briscoe Nigeria shed 7.50 per cent to close at 37 kobo. International Breweries depreciated by 5.26 per cent to close at N5.40 kobo. Prestige Assurance also shed five percent to close at 38 kobo.

Meanwhile, the total volume traded dipped 42.35 per cent to 135.259 million shares, worth N1.439 billion, and traded in 3,745 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 15.551 million shares valued at N19.586 million.

Guaranty Trust Holding Company (GTCO) followed with 13.111 million shares worth N267.085 million, while UACN Property Development (UPDC) traded 11.967 million shares valued at N14.617 million.

United Bank for Africa (UBA) traded 10.554 million shares valued at N78.917 million, while Chams transacted 7.825 million shares worth N1.942 million.