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Sell-off persists on NGX as capitalisation plunges further by N98b

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[FILES] The reception area at the Nigerian Stock Exchange in Lagos, Nigeria. PHOTO: Ruth McDowell/ 2019 Bloomberg Finance

Trading on the Nigerian Exchange Limited (NGX) closed on a downturn yesterday, following price losses that outweighed gains, causing market capitalisation to dip further by N98 billion.

The All-Share Index (ASI) decreased by 189.10 absolute points, representing a dip of 0.49 per cent to close at 38,044.58 points. Similarly, the market capitalisation value shed N98 billion to close at N19.830 trillion.

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The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Guaranty Trust Bank, MRS Oil Nigeria, Eterna and UAC of Nigeria (UACN).

Analysts at Afrinvest Limited said: “We expect the market to close the week in the negative region.”

Investor sentiment as measured by market breadth declined, as 16 stocks advanced while 21 others declined. Mutual Benefits Assurance recorded the highest price gain of 7.32 per cent to close at 44 kobo, while Regency Alliance Insurance and Cutix followed with a gain of 7.14 per cent each to close at 45 kobo and N2.25 kobo.

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Consolidated Hallmark Insurance rose by 6.35 per cent to close at 67 kobo. Champion Breweries gained six per cent to close at N2.12 kobo.

On the other hand, Sovereign Trust Insurance led the losers’ chart by 10 per cent to close at 27 kobo. Associated Bus Company followed with a decline of 8.11 per cent to close at 34 kobo.

Academy Press lost 7.69 per cent to close at 36 kobo.

Royal Exchange lost 6.33 per cent to close at 74 kobo, while Wapic Insurance shed 5.66 per cent to close at 50 kobo.

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However, the total volume of trades increased by 5.5 per cent to 214.172 million units, valued at N1.337 billion, and exchanged in 3,565 deals.

Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 27.172 million shares valued at N7.824 million. Mutual Benefits Assurance followed with 17.165 million shares worth N7.104 million, while UACN traded 15.681 million shares valued at N174.308 million.

Transnational Corporation of Nigeria (Transcorp) traded 12.522 million shares valued at N10.775 million, while Sterling Bank transacted 12.220 million shares worth N20.056 million.

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