Index dips by N191 billion amid losses in banks stocks, others

THE Nigerian Exchange Limited ( NGX) sustained a sliding profile at the end of yesterday’s transactions amid losses in many blue- chip stocks, especially FBN Holdings ( FBNH) and Access Bank, causing market capitalisation to dip further by N191 billion.

The all- share index ( ASI) shed 336.82 points, representing a decline of 0.32 per cent to close at 104,181.32 points. Also, market capitalisation shed N191 billion to close at N58.905 trillion.

The downturn was driven by price depreciation in large and medium- capitalised stocks amongst which are; FBN Holdings ( FBNH), Access Holdings, Stanbic IBTC Holdings, NEM Insurance and Guaranty Trust Holdingcompany ( GTCO). Analysts at United Capital Plc said: “We expect bargainhunting activities to continue, with the recent release of a flurry of full- year 2023 audited financial statements, and corporate actions. “We expect a sustained southward trend of short- term rates in the fixed income market to motivate further bullish sentiments toward equity investments at different intervals.”

As measured by market breadth, market sentiment was positive, as 21 stocks gained relative to 32 losers. University Press emerged as the highest price gainer of 9.84 per cent to close at N2.68 kobo. SCOA Nigeria followed with a gain of 9.69 per cent to close at N2.15 kobo while Morison Industries advanced by 9.66 per cent to close at N1.93 kobo.

Cutix rose by 9.62 per cent to close at N2.85 kobo while Mutual Benefits Assurance appreciated by 9.38 per cent to close at 70 kobo.

On the other side, International Energy Insurance and Caverton Offshore Support Group led others on the losers’ chart with 10 per cent each to close at N1.44 and N1.62 respectively, while Thomas Wyatt Nigeria followed with a decline of 9.63 per cent to close at N1.97, per share.