Darasimi Adebisi
Trading activities on the stock market of the Nigerian Exchange Limited (NGX) yesterday closed on a negative note, dropping by N11 billion to take losses to the third consecutive day.
The negative sentiment was driven by investors’ profit-taking sentiments in the banking and consumer goods indices on NGX.
In summary, the NGX All-Share Index (ASI) shed 21.16 basis points, representing a decrease of 0.05 per cent, to close at 38,852.69 basis points. Similarly, the overall market capitalisation value lost N11 billion to close at N20.243 trillion.
Sector performances were mixed today with the Banking (-0.83 per cent) and Consumer Goods (-0.02 per cent) sectors closing red, while Oil & Gas (+0.50 per cent) and Industrial (+0.01%) sectors closed green.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; United Capital, Vitafoam Nigeria, Access Bank, Cutix and Guaranty Trust Holding Company (GTCO).
Furthermore, the market breadth closed negative, recording 17 losers as against 13 gainers. Transcorp Hotel recorded the highest price gain of 10 per cent, to close at N4.95, per share. Pharma Deko followed with a gain 9.88 per cent to close at N1.78, while Conoil appreciated by 9.84 per cent to close at N24.55, per share.
Cornerstone Insurance went up by 8.16 per cent to close at 53 kobo, while NEM Insurance appreciated by 5.26 per cent to close at N2.00, per share. On the other hand, Veritas Kapital Assurance led the losers’ chart by 8.70 per cent to close at 21 kobo, per share. United Capital followed with a decline of five per cent to close at N8.55, while Chams shed 4.55 per cent to close at 21 kobo, per share.
Access Bank shed 3.37 per cent to close at N8.60, while Japaul Gold and Ventures depreciated by 2.13 per cent to close at 46 kobo, per share.
The total volume of trades declined by 15.8 per cent to 155.773 million shares, worth N1.510 billion, and traded in 3,256 deals. Transactions in the shares of Universal Insurance topped the activity chart with 19.041 million shares valued at N3.808 million. United Bank for Africa (UBA) followed with 18.779 million shares worth N143.098 million, while Zenith Bank traded 11.757 million shares valued at N268.831 million.
GTCO traded 10.016 million shares valued at N271.263 million, while United Capital transacted 8.520 million shares worth N74.569 million.Analysts at Afrinvest Limited said that “In the next trading session, we do not anticipate reversal […]
