Equities reverse gains as NEM insurance, 14 stocks lead NGX N2bn loss

Equities reverse gains as NEM insurance, 14 stocks lead NGX N2bn loss

Equities reversed previous gains to close on a downturn yesterday, occasioned by losses from many blue-chip stocks, especially NEM insurance and Custodian and Allied Insurance, causing market capitalisation to decline by N2 billion.

At the close of transactions on the Nigerian Exchange Limited (NGX), yesterday, market capitalisation of listed equities declined slightly by N2 billion from N24.034 trillion on Wednesday to N24.032 trillion.

The All-Share Index (ASI) also depreciated by 4.08 basis points to 44604.74 points from 44608.82 points traded the previous day.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are, Custodian and Allied Insurance, NEM, UACN, Stanbic IBTC, Unilever, Honeywell flourmills

As measured by market breadth, market sentiment was negative as 15 stocks lost while 14 constituted the gainers’ chart.

Analysts at Vetiva Dealings and Brokerage said: “In the absence of significant sell-off in any of the heavy-weight stocks, we expect these markets to trade in a similar pattern tomorrow, as investors continue to buy up attractive counters while taking profit on previous gainers.”

Investors traded 321.753 million shares valued at N3.655 billion in 4565 deals as against 266.328 million shares worth N3.822 billion that exchanged hands the previous day.

An analysis of the transactions during the day showed that NEM Insurance recorded the highest loss, dropping by 10.00 per cent to close at N3.96 kobo. Custodian Investment Plc trailed, declining by 9.49 per cent to close at N7.15 kobo.

UACN fell by 5.21 per cent to close at N9.10 kobo. FTN Cocoa depreciated by 5.13 per cent to close at 37 kobo while Japaul Gold declined by 4.44 per cent to N0.43.

On the other hand, Transnational Corporation of Nigeria (Transcorp) led the gainers’ chart, adding 9.71 per cent to close at N1.13 kobo while Chi Plc followed with a gain of 7.94 per cent to close at 68 kobo.

Regal Insurance increased by 7.14 per cent to close at 45 kobo. Jaiz Bank increased by 6.06 per cent to close at 70 kobo. International Breweries gained 4.04 per cent to close at N5.15 kobo.However, the total volume traded increased by 20.8 per cent to 321.753 million units, valued at N3.655 billion, and exchanged in 4,565 deals.Transactions in the shares of Transcorp topped the activity chart with 104.577 million shares valued at N115.220 million. Jaiz Bank followed with 66.714 million shares worth N45.051 million.Mutual Benefits Assurance traded 13.747 million shares valued at N3.755 million. FBN Holdings (FBNH) traded […]

Stay in the Know!

Sign up for the latest news and information on African Companies and Economy.

By signing up, you agree to receive MoneyInAfrica offers, promotions and other commercial messages. You may unsubscribe at any time.

Leave a Reply