Equities reopen bearish as 23 stocks lead NGX N41 billion loss

Equities reopen bearish as 23 stocks lead NGX N41 billion loss

Following price losses in many blue-chip stocks, especially Okomu oil and NEM Assurance, the Nigerian Exchange (NGX) reopened on a downturn yesterday, market capitalisation declined by N41 billion.

At the close of trading yesterday, the All-Share Index declined by 76.53 per cent, representing a decrease of 0.16 per cent, to close at 47,203.39 points. Similarly, the overall market capitalisation value lost N41 billion to close at N25.436 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks, which are Okomu Oil, SEPLAT Energy, MTN Nigeria Communications (MTNN), PZ Cussons Nigeria and NEM Insurance.

Analysts at United Capital Plc predicted that the market would maintain its bullish momentum as investors take positions ahead of the dividend season amid pockets of profit-taking.

Vetiva Dealings and Brokerage said: “Asides from banking names, large cap stocks like Seplat, Nestle and Nigerian Breweries also elevated activity levels and we expect this trade pattern to filter into tomorrow’s session as the market continues to trade mixed.”

Market breadth closed at par, recording 23 gainers and 23 losers. Okomu Oil led the losers’ chart with 10 per cent to close at N127.80 kobo. NEM Insurance followed with a decline of 9.61 per cent to close at N3.01 kobo while Guinea Insurance lost 9.09 per cent to close at 20 kobo.

Pharma-Deko declined by 8.59 per cent to close at N1.81, while Oando shed 7.95 per cent to close at N4.75 kobo. PZ Cussons shed 7.19 per cent to close at N6.45 kobo. International Breweries dropped 5.66 per cent to close at N5. FTN Cocoa depreciated by 5.26 per cent to close at 36 kobo. AIICO declined by 4.17 per cent to close at 69 kobo. Caverton also lost 3.23 per cent to close at N1.50 kobo.

On the other hand, SUNU Assurance recorded the highest price gain of 10 per cent to close at 33 kobo, while SCOA Nigeria followed with a gain of 9.60 per cent to close at N1.37, per share.

Prestige Assurance and R.T. Briscoe Nigeria rose by 7.14 per cent each to close at 45 kobo and 30 kobo respectively, while Japaul Gold and Ventures appreciated by 5.41 per cent to close at 39 kobo, per share.

The total volume traded increased by 36.99 per cent to 285.478 million units, valued at N5.130 billion, and exchanged in 5,342 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 44.926 […]

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