UP Plc, Linkage Assurance others lead NGX N126b loss

Losses suffered by many blue-chip stocks, especially University Press and Linkage Assurance, led transactions on the Nigerian Exchange limited (NGX) to a downturn yesterday, as market capitalisation depreciated by N126 billion.

In summary, the All-Share Index (ASI) declined by 243.49 absolute points, representing a decrease of 0.63 per cent, to close at 38,567.26 points. Similarly, the overall market capitalisation value also lost N127 billion to close at N20.094 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are: Dangote Cement, Flour Mills of Nigeria, University Press, Unilever Nigeria and Zenith Bank.

Analysts linked yesterday’s bearish outlook to investors’ sell-off sentiments in some medium and large-scale stocks, as market watchers also await release of the half-year earnings reports of the big five banks.

United Capital Plc said: “This week, we expect the market to dance to the tune of incoming earnings releases. However, we anticipate a tight trading week barring major surprises in earnings scorecard of large-cap counters.”

However, the market breadth closed positive, as 19 stocks appreciated in price while as 18 others constituted the losers chart.

Conoil recorded the highest price gain of 9.83 per cent to close at N22.35 kobo. Northern Nigeria Flour Mills (NNFM) followed with a gain 9.76 per cent to close at N6.75 kobo while Skyway Aviation Handling Company went up by 9.18 per cent to close at N3.45 kobo.

Academy Press rose by 7.89 per cent to close at 41 kobo while Sunu Assurance gained 4.44 per cent to close at 47 kobo.

On the other hand, University Press led the losers’ chart by 9.79 per cent to close at N1.29 kobo while Linkage Assurance followed with a decline of 7.81 per cent to close at 59 kobo. NPF Microfinance Bank lost 4.26 per cent to close at N1.80 kobo.

Veritas Kapital Assurance lost 4.17 per cent to close at 23 kobo, while Courteville Business Solutions shed four per cent to close at 24 kobo.

The total volume of trades increased by 16.20 per cent to 194.950 million units, valued at N1.014 billion, and exchanged in 3,830 deals. Transactions in the shares of Wema Bank topped the activity chart with 25.770 million shares valued at N22.329 million.

Ellah Lakes followed with 25.025 million shares worth N106.356 million, while Fidelity Bank traded 16.14 million shares valued at N38.649 million.

Consolidated Hallmark Insurance traded 12.464 million shares valued at N6.808 million, while FCMB Group transacted 9.468 million shares worth N29.304 million.