Stock market reverses gains as index depreciates by 0.3 per cent

The Nigerian Exchange Limited (NGX) reversed gains, to close on a downward note yesterday, as many blue-chip stocks recorded price depreciation, causing the All-Share Index to dip by 0.3 per cent.

The NGX daily trading result showed that market capitalisation of listed equities decreased by 0.26 per cent to N25.524 trillion from N25.590 trillion recorded the previous day. The NGX All-Share Index also depreciated by 121.94 basis points to 47360.79 points from 47582.73 points reported on Tuesday.

Investors traded 279.953 million shares valued at N4.164 billion in 5620 deals against 370.543 million shares cost N7.853 billion in 6045 deals

Vetiva Dealing and Brokerage said: “We expect investors to continue to react and trade in line with earnings reports as seen in DANSUGAR. Investors sold down on the name, following declines in their PAT and dividend payment. This will likely translate to investors cherry-picking counters with more attractive dividend yield across the board.”

On the price movement chart, 34 stocks recorded price appreciation while 15 others constituted the losers’ chart.

Niger Insurance topped the losers’ chart, dropping by 10 per cent to N0.27, International Breweries trailed with a drop of 9.73 per cent to close at N9.73 kobo. RTBriscoe followed with a loss of 9.09 per cent to close at 70 kobo. NGX group dipped by 8.70 per cent to close at N23.10 kobo. Cornerstone Insurance depreciated by 8.57 per cent to close 64 kobo.

Dangote Sugar Refinery and Lafarge WAPCO lost 7.69 per cent each to close at N15.60 kobo and N24.00 kobo while Learn Africa shed 6.81 per cent to close at N2.19 kobo. Cutix depreciated by 5.35 per cent to close at N2.30 kobo. Fidelity Bank also declined by 5.00 per cent to close at N2.85 kobo.

Royal Exchange led the gainers’ chart, adding 10 per cent to close at N1.65 kobo. Seplat Energy Plc followed with a gain of 9.33 per cent to close at N1, 034 kobo. Multiverse garnered 9.09 per cent to close at 24 kobo. NEM Insurance appreciated by 8.38 per cent to close at N4.14 kobo. FCMB group gained 8.13 per cent to close at N3.46 kobo.

GlaxoSmithKline appreciated by 5.79 per cent to close at N6.40 kobo. Sovereign Trust gained 4.35 per cent to close at 24 kobo. AIICO garnered 2.90 kobo to close at 71 kobo. PZ Cussons added 2.86 per cent to close at N7.20 kobo. Linkage Assurance also appreciated by 1.96 per cent to close at 52 kobo.

Transnational Corporation of Nigeria was the most active stock during the day, exchanging 29.205 million shares valued at N32.634 million, United Capital followed with an account of 28.340 million shares valued at N374.211 million.

Access Bank traded 17.653 million valued at N181.486 million, Zenith Bank sold a total of 17.510 million shares worth N470.728 million and FCMB traded 17.385 million shares worth N575.564 million.