Index slides by 0.07 per cent amid losses in NB, 17 others

Following losses in Nigerian Breweries and 17 stocks, the Nigerian Exchange Limited (NGX) reopened on a bearish note yesterday, causing the All-Share Index (ASI) to depreciate by 0.07 per cent.

At the close of transactions yesterday, the All Share Index (ASI) decreased by 38.22 absolute points, representing a dip of 0.07 per cent to close at 51,791.45 points. Similarly, the market capitalisation lost N21 billion to close at N27.921 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Conoil, Lafarge Africa, Red Star Express and Cutix Plc.

GTI Securities Limited noted “Equities market closed transaction for yesterday negative, as bargain hunting resumes. We expect cautious trading to continue in the week.”

Vetiva Dealing and Brokerage said: “Market breadth retreated to negative territory today, although buyers moderated the day’s loss as we continue to see mixed sectoral performance amid slight cherry-picking activities in the banking sector. We expect to have a similar trading pattern filter into tomorrow’s session.”

Also, market breadth closed negative, with 18 losers and 17 gainers. Fidson Healthcare recorded the highest price gain of 9.82 per cent to close at N12.30 kobo. Learn Africa followed with a gain 9.78 per cent to close at N2.47, while UACN Property Development Company (UPDC) rose 9.71 per cent to close at N1.13 kobo.

Prestige Assurance went up by 8.33 per cent to close at 37 kobo, while Regency Alliance Insurance appreciated by 7.69 per cent to close at 28 kobo. On the other hand, Conoil led the losers’ chart by 9.90 per cent to close at N25.95 kobo.

R.T. Briscoe Nigeria and Red Star Express followed with a decline of 9.09 per cent each to close at 40 kobo and N2.50 respectively. Cutix lost 7.69 per cent to close at N2.28, while Unity Bank shed 6.69 per cent to close at 42 kobo.

However, the total volume traded rose 52.82 per cent to 194.121 million shares, worth N2.822 billion, and traded in 4,899 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 25.074 million shares valued at N31.770 million.

Guaranty Trust Holding Company (GTCO) followed with 20.176 million shares worth N413.020 million, while United Bank for Africa (UBA) traded 17.594 million shares valued at N131.221 million.

AIICO Insurance traded 13.608 million shares valued at N8.323 million, while FBN Holdings (FBNH) transacted 11.634 million shares worth N131.920 million.