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Losses in shares of NGX, GTCO, Nigerian Breweries drag down equity market index

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By Ifeyinwa Ezeokoli 

 

The Nigerian stock market on Wednesday returned to negative territory with the All-Share Index dropping by 0.02 per cent.

 

Specifically, the All-Share Index declined by 11.21 points representing a decrease of 0.02 per cent to close at 46,766.16 points from 46,777.37 points on Tuesday.

The market cap of equities listed on the NGX decreased to N25.212 trillion from N25.218 trillion as of the previous close.

The total volume traded closed with an exchange of 261.592 million units valued at N2.43 billion traded in 4,668 deals. The market breadth was negative with 16 gainers as against 18 losers.

Similarly, the market capitalisation value lost N6 billion to close at N25.212 trillion compared with N25.218 trillion on Tuesday.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Nigerian Exchange Group (NGXGroup), Nigerian Breweries, NASCON Allied Industries, Guaranty Trust Holding Company (GTCO) and NPF Microfinance Bank.

On market outlook, GTI Securities Limited said “Bearish sentiment crawled back as the equity market closed negative. We expect bearish sentiments to persist all through the week as investors continue to watch developments in the economy.”

Market breadth closed negative with 18 laggards against 16 gainers. 

NPF Microfinance Bank led the losers’ chart in percentage terms by 9.78 per cent to close at N2.03 per share.

R.T. Briscoe Nigeria followed with a decline of 8.93 per cent to close at 51k, while Prestige Assurance shed 8.16 per cent to close at 45k per share.

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Niger Insurance and Chams depreciated by 4.76 per cent each to close at 20k per share each.

Conversely, Regency Alliance Insurance drove the gainers’ chart in percentage terms by 10 per cent to close at 33k per share. 

Livestock Feeds followed with 9.59 per cent to close at N1.60, while Multiverse Mining and Exploration gained 9.52 per cent to close at 23k per share.

Meyer Plc appreciated by 9.30 per cent to close at 94k, while Linkage Assurance gained 8.51 per cent to close at 51k per share. 

Transactions in the shares of Fidelity Bank topped the activity chart with 81.75 million shares valued at N281.15 million. 

Transcorp followed with 30.72 million shares worth N30.11 million, while GTCO traded 15.49 million shares valued at N345.61 million.

Access Holdings traded 15.26 million shares valued at N148.83 million, while Zenith Bank transacted 10.002 million shares worth N227.33 million.

Meanwhile, the total volume of trades rose by 1.6 per cent to 261.59 million shares valued at N2.43 billion exchanged in 4,668 deals. 

This was against 257.41 million shares worth N2.34 billion transacted in 4,410 deals on Tuesday.

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