NGX extends losses as capitalisation plunges further by N1 billion
THE Nigerian Exchange Limited ( NGX) extended negative sentiments to two consecutive trading sessions yesterday, as more blue- chip stocks depreciated in price, resulting to a further slide in the capitalisation declined further by N1billion.
At the close of trading yesterday, the All- Share Index ( ASI) deprecited by 0.6 points, to close at 37,857.24 points.
Similarly, the overall market capitalisation declined by N1 billion to close at N19.724 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Custodian Investment, FBN Holdings ( FBNH), PZ Cussons Nigeria, Zenith Bank and Guaranty Trust Bank Holding Company ( GTCO).
Analysts at Afrinvest Limited said: “In the next trading session, we expect the domestic bourse to extend bearish performance due to selling pressure in the market.”
NCR Nigeria recorded the highest price gain of 9.64 per cent to close at N2.73 kobo while Wema Bank followed with a gain 9.46 per cent to close at 81 kobo, while FTN Cocoa Processors went up by 8.33 per cent to close at 39 kobo.
On the other hand, Ikeja Hotel led the losers’ chart with 9.09 per cent to close at N1.40 kobo.
Custodian Investment followed with a decline of 6.15 per cent to close at N6.10, kobo.
Meanwhile Guaranty Trust Holding Company Plc ( GTCO Plc) commemorated the listing of its shares on NGX with a Closing Gong Ceremony yesterday, following its transition into a Holding company ( holdco) structure from commercial banking model.
With the development, GT Bank Plc will now be referred to as Guaranty Trust Holding Company ( GTCO) Plc to the investing community, while the bank would adopt a one- forone share exchange ratio that will not reduce or impact its shareholding structure of the bank.
According to GTCO, the transition would help grow its earnings in a sustainable manner and achieve its long- term goal of becoming one of the top five financial institutions in Africa.
Speaking at the closing gong ceremony to commemorate the listing of GTCO Plc on the NGX in Lagos, the Group Chief Executive Officer, GTCO Plc, Segun Agbaje, noted that the company was not oblivious of the current changes in the financial space, noting that the transition and listing of the bank was done to enhance growth of its share, add value to the bank as well as achieve its long term goal of becoming one of the top five financial institutions in Africa.