The Guardian (Nigeria)
NGX resumes bearish with N153 billion downturn
SELL- PRESSURE in major blue- chip stocks, especially May & Baker and Royal Exchange Assurance, dragged transactions on the equities sector of the Nigerian Exchange Limited ( NGX), forcing the market to reopen on a downward note, yesterday, causing market capitalisation to depreciate by N153 billion.
Specifically, at the close of trading , market capitalisation of listed equities declined by N153 billion to
N21.471 trillion from N21.624 trillion reported on Friday.
The All Share Index, which measures the performance of listed equities, also depreciated by 293.48 basis points to 41144.67 points from 41438.15 points, recorded the previous day.
The market’s negative performance was driven by price depreciation in large and medium capitalised stocks, which are: Nestle Nigeria, MTN Nigeria Communications ( MTNN), FBN Holdings ( FBNH), May and Baker Nigeria and NPF Microfinance Bank.
Afrinvest said: “We expect the market to rebound in the next trading session as investors position for the earnings season.”
Investors traded 338.719 million shares valued at N4.058 billion in 5866 deals against 728.955 million shares valued at N8.530 billion exchanged hands the previous day in 4852 deals.
On the price movement chart, Market breadth closed negative, recording 21 losers and 19 gainers. May and Baker Nigeria Plc emerged the day’s highest price loser, shedding 8.02 per cent to close at N4.36 while Royalex trailed with a loss of 7.81 per cent to close at N0.51 kobo. NPF Microfinance Bank dipped by 7.57 per cent to close, at N1.71 kobo. Fbnholdings declined by 7.48 per cent to close at N11.74 kobo. Mutual Benefits Assurance also dipped by 6.67 per cent to close at 28 kobo.
The newly listed NGX group led gainers table during the day appreciating by 9.86 per cent to close at N19.50 kobo.
Ikeja Hotel followed with a gain of 9.52 per cent to close at N1.15 kobo. Custodian Investment added 7.53 per cent to close at N7.85 kobo. Honey Well Flour gained 6.48 per cent to close at N3.78 kobo. Chams garnered 4.55 per cent to close at 23 kobo.
Fbnholdings was the most active stock during
the day, exchanging 67.614 million shares valued at N832.795 million, Access Bank followed with an account of 36.619 million shares worth N351.205 million.
Transnational Corporation of Nigeria traded 26.549 million shares valued at N26.623 million, GTCO Plc traded 25.563 million shares worth N755.248 million while Fidelity Bank exchanged 19.473 million shares worth N53.250 million.