NGX closes bearish as UPDC, NEM others drag index by 0.01%

NGX closes bearish as UPDC, NEM others drag index by 0.01%

Despite price gains that outweighed losses, transactions on the equities sector of the Nigerian Exchange Limited (NGX) closed on a downward note yesterday, as the All-Share Index (ASI) depreciated by 0.01 per cent.

Specifically, the ASI declined by 4.99 absolute points, representing a decrease of 0.01 per cent, to close at 43,255.14 points.

However, the overall market capitalisation value gained N1 billion to close at N22.577 trillion. The market negative performance was driven by price depreciation in large and medium capitalised stocks which are, Dangote Sugar Refinery, NEM Insurance, International Breweries, UACN Property Development Company (UPDC), and AXA Mansard Insurance.

Analysts at Vetiva Dealings and Brokerage said: “We anticipate further mixed activity in tomorrow’s session with a slightly bearish close, as investors continue to trade cautiously whilst cherry-picking attractive counters across board.”

However, market breadth was positive as 19 stocks gained while 15 others constituted the losers’ chart. UPDC led the losers’ chart with 9.35 per cent to close at N1.26 kobo while NEM Insurance followed with a decline of 9.27 per cent to close at N1.86 kobo. AXA Mansard Insurance lost 5.11 per cent to close at N2.23 kobo. Chams declined 4.55 per cent to close at 21 kobo, while Royal Exchange shed 4.08 per cent to close at 47 kobo.

Honeywell Flour Mills recorded the highest price gain of 9.95 per cent to close at N4.09 kobo while University Press followed with a gain of 8.70 per cent to close at N2.50 kobo.

Consolidated Hallmark Insurance went up 7.41 per cent to close at 58 kobo. Glaxosmith appreciated by 5.79 per cent to close at N6.40 kobo while FTN Cocoa processors increased by five per cent to close at 42 kobo.

The total volume of trades decreased by 90.9 per cent to 217.973 million units, valued at N2.908 billion, and exchanged in 4,158 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 36.187 million shares valued at N919.633 million. FBN Holdings (FBNH) followed with 31.544 million shares worth N387.278 million, while Zenith Bank traded 13.434 million shares valued at N327.245 million.

Access Bank traded 13.091 million shares valued at N121.510 million, while Honeywell Flour Mills transacted 9.842 million shares worth N40.253 million.

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