Bearish close as NGX sheds 4bps

Salamatu Ejembi, Lagos

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The equities market fell on Wednesday on the floor of the Nigerian Exchange Limited, NGX, with the benchmark Index shedding 4bps.

Thus, the All-Share Index closed at 49,691.17 points with the market capitalisation falling by ₦9.87bn to close at ₦26.80trn.

Sell Offs in Tier-1 banking names, ZENITH BANK PLC (-0.46%), FBN HOLDINGS PLC (-0.47%) and UNITED BANK FOR AFRICA PLC (-0.71%) were the major drivers of the market’s performance.

Analysis of today’s market activities showed that a total of 128.79m shares valued at ₦4.12bn were exchanged in 3,492 deals.

FBN HOLDINGS PLC was the most traded stock by volume at 28.37 million units, while NESTLE was the most traded stock by value at ₦2.71 billion.

As measured by market breadth, market sentiment was negative as 16 stocks lost relative to 10 gainers.

Topping the gainers’ list is PRESTIGE ASSURANCE PLC with an opening selling price of 0.44k per share and a closing price of 0.48k per share, gaining 0.04k or 9.09%.

Followed by SOVEREIGN TRUST INSURANCE PLC with a closing price of 0.27k, appreciating by 0.02k or 8.00% from previous selling price of 0.25k.

LASACO ASSURANCE PLC was next with a closing price of ₦1.15k from ₦1.08k, gaining 0.07k or 6.48%.

Conversely, COURTEVILLE BUSINESS SOLUTIONS PLC fell from 0.51k from 0.46k per share, losing 0.05k or 9.80%, S C O A NIG. PLC followed with a fall from ₦1.94k per share to ₦1.75k by 0.19k or 9.79% and SKYWAY AVIATION HANDLING COMPANY PLC depreciated by 0.55k or 9.73% to close at ₦5.10 from ₦5.65, recording the highest losses of the day.

Performance across sectors was mixed, as the Banking (-0.2%), Oil & Gas (-0.2%) and Consumer Goods (-0.2%) indices closed in the red, while the Insurance (+0.3) index advanced. The Industrial Goods index closed flat.






Hauwa Abu

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