The stock market of the Nigerian Exchange Limited (NGX) yesterday closed transactions on a negative note, as investors’ sell-off in Seplat Petroleum Plc, 17 other stocks down the market by 0.01 per cent.
Specifically, the NGX All-Share Index declined by six basis points or 0.01 per cent to close at 47,262.61 basis points from 47,268.61 basis points it opened for trading, while the overall market capitalisation value lost N3 billion to close at N25.472 trillion from 25.475trillion it opened for trading.
However, market sentiment, as measured by market breadth, was positive as 18 stocks declined, relative to 18 gainers.
Cornerstone Insurance recorded the highest price gain of 9.38 per cent to close at 70 kobo, per share. Wapic Insurance followed with a gain 8.70 per cent to close at 50 kobo, while FTN Cocoa processors rose by 8.33 per cent to close at 39 kobo, per share.
Honeywell Flour Mills rose by 5.14 per cent to close at N3.89, while Mutual Benefits Assurance appreciated by four per cent to close at 26 kobo, per share. On the other hand, Niger Insurance led the losers’ chart by 8.70 per cent to close at 21 kobo, per share. AIICO Insurance followed with a decline of 5.71 per cent to close at 66 kobo, while Linkage Assurance depreciated by 5.17 per cent to close at 55 kobo, per share.
Regency Alliance Insurance declined by 4.76 per cent to close at 40 kobo, while Africa Prudential depreciated by 4.41 per cent to close at N6.50, per share.
Meanwhile, the total volume of trades rose by 62.8 per cent to 291.882 million units, valued at N2.855 billion, and exchanged in 4,792 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 72.458 million shares valued at N57.254 million. Access Bank followed with 23.059 million shares worth N236.413 million, while United Bank for Africa (UBA) traded 19.995 million shares valued at N169.141 million.
Transnational Corporation of Nigeria (Transcorp) traded 15.869 million shares valued at N16.954 million, while Guaranty Trust Holding Company (GTCO) transacted 15.347 million shares worth N399.011 million.
On market outlook, analysts at GTI Securities Limited said “Trading activities began the week on a negative note, bringing about four consecutive days of losses. Bulls are expected to return to the market given the spate of corporate actions, we anticipate improved market activity to encourage a bullish response next week.”