Sell- off in Guinness, 20 stocks drag index by 0.08%
FOLLOWING sell pressure in Guinness Nigeria and 20 other stocks, the Nigerian Exchange Limited ( NGX) halted gains to close on a downturn yesterday, as the All- share index depreciated by 0.08 per cent.
The All Share Index ( ASI) decreased by 35.72 absolute points, representing a dip of 0.08 per cent to close at 44,011.22 points. Similarly, the market capitalisation lost N19 billion to close at N23.972 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Guinness Nigeria, United Capital, Zenith Bank, Dangote Sugar Refinery and Lafarge Africa.
Analysts at Afrinvest Limited said, “in the final trading session for the week, we anticipate the bearish performance would be sustained in the absence of any positive catalyst.”
Also, market breadth closed negative, with 21 losers versus 13 gainers. Unilever Nigeria recorded the highest price gain of 10 per cent to close at N11.00, per share. Stanbic IBTC Holdings followed with a gain of 9.09 per cent to close at N30.00, while University Press appreciated by 8.93 per cent to close at N1.83 per share.
Sovereign Trust Insurance went up by 8.33 per cent to close at 26 kobo, while Royal Exchange appreciated by 6.85 per cent to close at 78 kobo, per share.
On the other hand, Guinness Nigeria led the losers’ chart by 9.97 per cent, to close at N60.50, per share. SCOA Nigeria followed with a decline of 9.79 per cent to close at N1.29, while Associated Bus Company went down by 8.00 to close at 23 kobo, per share.
United Capital lost 5.83 per cent to close at N11.30, while Oando shed 5.76 per cent to close at N3.60 kobo per share.
The total volume traded fell by 38.7 per cent to 97.699 million shares, worth N847.882 million, and traded in 2,980 deals. Transactions in the shares of Transnational Corporation of Nigeria ( Transcorp) topped the activity chart with 10.655 million shares valued at N11.583 million.