Trading on NGX closes negative

Trading on the Nigerian Exchange Limited (NGX) closed on a downturn Thursday, following price losses that outweighed gains, causing market capitalisation to dip further by N98 billion.

The All-Share Index (ASI) decreased by 189.10 absolute points, representing a dip of 0.49 per cent to close at 38,044.58 points. Similarly, the market capitalisation value shed N98 billion to close at N19.830 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Guaranty Trust Bank, MRS Oil Nigeria, Eterna and UAC of Nigeria (UACN).

Analysts suggest the market may close the week in the negative region.”

Investor sentiment as measured by market breadth declined, as 16 stocks advanced while 21 others declined. Mutual Benefits Assurance recorded the highest price gain of 7.32 per cent to close at 44 kobo, while Regency Alliance Insurance and Cutix followed with a gain of 7.14 per cent each to close at 45 kobo and N2.25 kobo.

Guardian/Hauwa Abu