NGX reverses gains as Eterna, 16 others drag capitalisation by N30bn

NGX reverses gains as Eterna, 16 others drag capitalisation by N30bn

Nigerian Exchange Group (NGX) Transactions on the floor of Nigerian Exchange Limited (NGX) reversed gains to close on a downturn yesterday as losses in the shares of Eterna, and 16 others dragged market capitalisation by N30 billion.

Specifically, at the close of trading yesterday, the All-Share Index (ASI) depreciated by 57.03 absolute points, representing a decrease of 0.15 per cent to 38,911.31 points. Similarly, the market capitalisation lost N30 billion to close at N20.273 trillion.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks especially Eterna, Lafarge Africa, International Breweries, Honeywell Flour Mills and Guaranty Trust Holding Company (GTCO).

Analysts at Afrinvest Limited said: “In the final trading session, we expect profit-taking sentiments to be extended in the absence of any positive catalyst.”

Market breadth closed negative, recording 17 losers and 10 gainers. Unity Bank led the gainers’ chart with 9.62 per cent to close at 57 kobo, while FTN Cocoa Processors followed with a gain of 8.70 per cent to close at 50 kobo. Cornerstone Insurance went up by 8.33 per cent to close at 52 kobo.

Chams appreciated by five per cent to close at 21 kobo, while Sovereign Trust Insurance appreciated by 4.17 per cent to close at 25 kobo.

On the other hand, Eterna led the losers’ chart with 9.44 per cent to close at N6.52 kobo. SCOA Nigeria followed with a 9.40 percent decline to close at N1.06 kobo. International Breweries lost four per cent to close at N4.80 kobo.

Honeywell Flour Mills declined 3.93 per cent to close at N3.91, while Union Bank of Nigeria (UBN) shed three per cent to close at N4.85 kobo.

The total volume of trades fell by 7.9 per cent to 130.203 million units, valued at N1.428 billion, and exchanged in 2,962 deals. Transactions in the shares of Access Bank topped the activity chart with 24.776 million shares valued at N230.255 million.

Universal Insurance followed with 15.266 million shares worth N3.053 million, while Zenith Bank traded 8.491 million shares valued at N200.665 million.

GTCO traded 6.754 million shares valued at N182.784 million, while Japaul Gold and Ventures transacted 5.985 million shares worth N2.993 million.

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