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Stock market resumes July trading with N4 billion losses

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Stock market. Photo: nairametrics

The Nigerian Exchange Limited (NGX) halted two sessions of gain to commence trading for the month of July on a downward note yesterday, as market capitalisation dropped by N4 billion.

Specifically, at the re-opening of transactions for the month of July, the All-Share Index (ASI) declined by 8.72 absolute points, representing a dip of 0.02 per cent to close at 37,898.56 points.

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Also, the market capitalisation of listed equities depreciated by N4 billion to close at N19.756 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are: Guaranty Trust Bank Holding Company, Oando, Dangote Sugar Refinery, Royal Exchange and United Bank for Africa (UBA).

Analysts at Afrinvest Limited said: “In the last trading session of the week, we expect negative performance to be sustained on continued profit-taking.”

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However, investors’ sentiments were positive, as 20 stocks advanced while 15 others declined.

Tripple GEE recorded the highest price gain of 10 per cent to close at 77 kobo. Ikeja Hotel followed with a gain 9.77 per cent to close at N1.46 kobo. Computer Warehouse Group (CWG) went up by 9.57 per cent to close at N1.26 kobo.

Wema Bank, Learn Africa and Linkage Assurance rose by 9.52 per cent each to close at 69 kobo, N1.15 kobo and 92 kobo while PZ Cussons Nigeria gained 8.57 per cent to close at N5.70 kobo.

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On the other hand, Royal Exchange led the losers’ chart by 9.84 per cent to close at 55 kobo while Oando followed with a decline of 8.51 per cent to close at N3.01 kobo.

Mutual Benefits Assurance lost 6.98 per cent to close at 40 kobo. Regency Alliance Insurance lost 6.52 per cent to close at 43 kobo while Cornerstone Insurance shed 3.57 per cent to close at 54 kobo.

The total volume of trades fell by 3.9 per cent to 205.450 million units, valued at N2.732 billion, and exchanged in 3,563 deals.

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Transactions in the shares of Guaranty Trust Bank Holding Company topped the activity chart with 41.836 million shares valued at N1.251 billion.

Mutual Benefits Assurance followed with 14.675 million shares worth N5.889 million, while Wema Bank traded 13.182 million shares valued at N8.319 million.

Courteville Business Solutions traded 12.116 million shares valued at N2.553 million, while Zenith Bank transacted 9.823 million shares worth N233.786 million.

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