Stock Exchange reverses gains as index slides by 0.06 per cent

Following losses suffered by many blue-chip stocks, the Nigerian Exchange Limited (NGX) reversed gains, to close on a downward note yesterday, causing the All Share -Index (ASI) to depreciate by 0.06 per cent.

At the close of transactions yesterday, market capitalisation of listed equities depreciated by 0.06 per cent to N29.519 trillion from N29.538 trillion it closed on Monday, while the ASI also depreciated by 35.04 basis points to 54189.31 points from 54224.35 points reported the previous day.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; International Breweries, Access Corp, UACN, GTCO, Fidson and Unilever.

On the price movement chart, 15 stocks depreciated in price while 10 constituted the gainers’ chart.

MRS led the gainers’ table, gaining 10 per cent to close at N25.30 kobo. Tripple G followed with a gain of 9.63 per cent to close at N2.39 kobo. Living Trust improved by 5.16 per cent to close at N2.65 kobo. AIICO Insurance gained 1.69 per cent to close at 60 kobo. Jaiz Bank added 1.11 kobo to close at 91 kobo.

Caverton gained 1.03 per cent to close at 98 kobo. UPDC garnered 1.00 per cent to close at N1.01 kobo. Sterling Bank advanced by 67 per cent to close at N1.51 kobo. First City Monument Bank also appreciated by 47 per cent to close at N4.30 kobo.

On the contrary, Veritas Kapital topped the losers’ chart, declining by 4.76 per cent to close at N0.20 kobo while Linkage Assurance trailed with a loss of 4.44 per cent to close at 43 kobo.

International Breweries dipped by 4.26 per cent to close at N4.50 kobo. Transnational Corporation of Nigeria fell by 4.03 per cent to close at N1.19 kobo. Chi Plc shed 2.99 per cent to close at 65 kobo. Cutix lost 1.91 per cent to close at N2.05 kobo. Accesscorp depreciated by 1.63 per cent to close at N9.05 kobo.

UACN shed 1.11 per cent to close at N8.90 kobo. Union Bank dropped 75 per cent to close at N6.60 kobo. Fidson fell by 63 per cent to close at N9.53 kobo, while United Bank for Africa shed 60 kobo to close at N8.35 kobo.

The volume of trades increased by 64.38 per cent as investors traded 254.174 million shares valued at N15.577 billion in 2950 deals against 154.628 million shares worth N5.505 billion exchanged hands the previous day in 3095 deals.

Transactions in the shares of Geregu Power lifted activity in the market with 125.010 million shares valued at N12.502 billion, GTCO Plc followed with an account of 31.074 million shares valued at N779.380 million.

Zenith Bank traded 15.036 million shares worth N375.845 million, Access Corp exchanged 11.072 million shares for N100.524 million while United Bank for Africa exchanged 7.190 million shares valued at N60.002 million.