NGX put up with sliding profile amidst losses in 21 stocks

Transactions on the Nigerian Exchange Limited (NGX) sustained a sliding profile yesterday. The slide was occasioned by losses in Japaul Gold and 20 others, as market capitalisation depreciated further by N51 billion.

Specifically, at the close of trading yesterday, the All-Share Index declined by 95.37 per cent, representing a decrease of 0.20 per cent, to close at 47,156.56 points.

Similarly, the overall market capitalisation value lost N51 billion to close at N25.415 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks, which are; Nestle Nigeria, Guinness Nigeria, Ecobank Transnational Incorporated (ETI), Oando and Lafarge Africa.

Reacting on market performance, analysts at GTI Securities Limited said: “The stock market continues its losing streak extending the negative trend to four consecutive days, as MPC maintained all parameters, the negative trend is likely to continue pending any significant changes in the economic conditions.”

The market breadth was negative as 29 stocks lost, while 16 others appreciated in price.

On the price movement chart, Japaul Gold and Ventures led the losers’ chart by 8.82 per cent to close at 31 kobo.

Champion Breweries followed with a decline of 8.78 per cent to close at N1.87, while Oando lost 6.75 per cent to close at N4.70 kobo.

AXA Mansard Insurance declined 6.52 per cent to close at N2.15, while Regency Alliance Insurance shed 5.26 per cent to close at 36 kobo.

On the other hand, NPF Microfinance Bank recorded the highest price gain of 9.52 per cent to close at N2.53 kobo.

FCMB Group followed with a gain of 7.94 per cent to close at N3.67, while Prestige Assurance up by 6.52 per cent to close at 49 kobo.

Chams rose by 4.76 per cent to close at 22 kobo, while UAC of Nigeria (UACN) gained 4.74 per cent to close at N12.15 kobo.

The total volume traded advanced by 42.1 per cent to 303.481 million units, valued at N3.903 billion, and exchanged in 4,616 deals.

Transactions in the shares of Access Bank topped the activity chart with 44.151 million shares valued at N433.299 million.

United Bank for Africa (UBA) followed with 39.543 million shares worth N304.855 million, while Fidelity Bank traded 33.352 million shares valued at N103.871 million. Guaranty Trust Holding Company (GTCO) traded 28.335 million shares valued at N737.470 million, while Zenith Bank transacted 28.216 million shares worth N758.001 million.

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