Trading Closes Southward On NGX With N6 Billion Loss

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Transaction on the Nigerian equities market closed southward on Wednesday with the market capitalisation losing six billion naira to reverse previous session’s rally.

Specifically, the market capitalisation, which opened at N20.559 trillion dropped N6 billion or 0.03 per cent to close at 20.553 trilliin from N20.559 trillion on Tuesday.

Also, the All-Share Index lost 10.86 points or 0.03 per cent to close at 39,449.82 from 39,460.68 achieved on Tuesday.

Accordingly, month-to-date gain stood at 2.3 per cent, while year-to-date loss moderated to 2.0 per cent, respectively.

The bearish performance was buoyed by investors’ profit-taking sentiment in all the major sectors except the industrial sector that was unchanged.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are; Dangote Sugar Refinery, Guaranty Trust Bank Holding Company, Pharma Deko, Zenith Bank and Oando.

A breakdown of the activity chart indicates that market breadth closed negative with 18 losers and 16 gainers.

Academy Press led the losers’ chart in percentage terms by 9.76 per cent to close at 37k per share.

Pharma Deko Plc followed with 9.52 per cent to close at N1.71, while Mutual Benefits Assurance declined by 8.57 per cent to close at 32k per share.

Associated Bus Company shed 7.69 per cent to close at 36k, while Unity Bank depreciated by 6.67 per cent to close at 56k per share.

Conversely, Capital Hotels and Eterna dominated the gainers’ chart in percentage terms with 10 per cent each to close at N3.19 and N6.82 per share, respectively.

Morison Industries followed with a gain 9.74 per cent to close at N1.69 per share.

Transcorp Hotels rose by 9.30 per cent to close at N4.70, while UACN Property Development Company appreciated by 9.22 per cent to close at N1.54 per share.

However, the total volume traded closed higher with 198.33 million shares worth N1.06 billion in 3,336 deals.

This was in contrast with a turnover of 196.81 million shares valued at N1.45 billion exchanged in 3,881 deals on Tuesday.

Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 48.38 million shares worth N11.17 million.

Mutual Benefits Assurance followed with 27.09 million shares valued at N8.71 million, while Jaiz Bank traded 10.91 million shares worth N6.79 million.

Regency Alliance Insurance traded 9.01 million shares valued at N3.94 million, while Transcorp transacted 6.94 million shares worth N6.64 million. (NAN) 

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