Stock exchange. Photo/PIXABAY Profit-taking in many blue-chip stocks, especially in UPDC Real Estate Investment Trust (UPDC REITS) and Japaul Gold and Ventures, dragged transactions on the Nigerian Exchange Limited (NGX) to reverse gains, causing market capitalisation to dip by N49 billion.
In summary, the All-Share Index (ASI) dropped 93.60 absolute points, representing a decrease of 0.22 per cent, to close at 42,317.52 points. Similarly, the overall market capitalisation value declined by N49 billion to close at N22.081 trillion.
The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are, Guaranty Trust Holding Company (GTCO), Stanbic IBTC Holdings, UPDC Real Estate Investment Trust, Zenith Bank and Ecobank Transnational Incorporated (ETI).
Analysts at Vetiva Dealings and Brokerage said: “Despite the slight recovery in the consumer goods (+8bps) and the insurance (+35bps) sectors, the domestic bourse closed south due to continued decline in the banking sector (-111bps) and we expect this bearish sentiment to filter into tomorrow’s trading session, amid bargain hunting in some counters spurred by cheap valuations, and continued sell offs in other counters.”
As measured by market breadth, market sentiment remained negative, as 18 stocks lost value relative to 13 gainers. UPDC Real Estate Investment Trust led the losers’ chart with 6.67 per cent to close at N4.20 kobo while Japaul Gold and Ventures followed with a decline of 5.13 per cent to close at 37 kobo. Caverton Offshore Support Group shed 4.62 per cent to close at N1.65 kobo.
GTCO dropped 3.85 per cent to close at N25. Ecobank TransNational Incorporated depreciated by 2.69 per cent to close at N9.05 kobo. UPDC lost 2.54 per cent to close at N1.15 kobo.
Regency Assurance depreciated by 2.50 kobo to close at 39 kobo. PZ Cussons dropped 1.67 to close at N5.90 kobo. Cutix depreciated by 1.51 per cent to close at N2.61 kobo. Stanbic IBTC also shed 1.37 per cent to close at N2.61 kobo.
Custodian Investment recorded the highest price gain of 9.86 per cent, to close at N7.80 kobo while Royal Exchange followed with a gain of 8.62 per cent to close at 63 kobo. Meyer Plc appreciated by 8.33 per cent to close at 39 kobo.
Unity Bank went up by 6.82 per cent to close at 47 kobo. UACN appreciated by 6.52 per cent, to close at N9.80 kobo. Cornerstone Insurance appreciated by 6.38 per cent to close at 50 kobo.
NGX Group garnered 2.88 per cent to […]