Sell-off sentiments sustain bearish run as NGX loses N16 billion
The bearish run in the nation’s capital market continued on Thursday as profit taking persisted, with the stock exchange shedding N16 billion in market capitalisation.
The market capitalisation closed at N21.889 trillion from N21.905 trillion recorded on Wednesday.
Also, the All-Share Index which opened at 41,975.45 inched lower by 31.62 points or 0.08 per cent to close at 41,943.83 posted on Wednesday.
The downturn was as a result of sell-off sentiments in all major sectors except the consumer goods sector.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Guinness Nigeria, Unilever Nigeria, Nigerian Exchange Group (NGXGroup), Lafarge Africa and Cutix.
An analysis of the activity chart shows that market breadth closed negative with 25 losers as against 13 gainers.
Pharma Deko dominated the laggards’ chart in percentage terms by 10 per cent to close at N2.34 per share.
Unilever followed with 8.65 per cent to close at N14.25, while Red Star Express lost 8.24 per cent to close at N3.12 per share.
Royal Exchange dropped 7.69 per cent to close at 48k, while Cutix Plc shed 7.50 per cent to close at N5.55 per share.
Conversely, SCOA led the gainers’ chart in percentage terms by 9.47 per cent to close at N1.04 per share.
Linkage Assurance followed with 7.55 per cent to close at 57k, while Okomu Oil went up by 5.19 per cent to close at N142 per share.
AIICO Insurance rose by 4.92 per cent to close at N1.28, while Honeywell Flour Mills garnered 4.60 per cent to close at N3.64 per share.
Also, the total volume of trades decreased by 45.08 per cent to 160.88 million units valued at N1.41 billion exchanged in 3,688 deals.
This was in contrast with 292.94 million shares worth N2.06 billion traded in 4,899 deals on Wednesday.
Transactions in the shares of FBN Holdings topped the activity chart with 19.52 million shares valued at N208.29 million.
Lasaco Assurance followed with 10.61 million shares worth N10.62 million, while Transcorp traded 10.56 million shares valued at N10.66 million.
Japaul Gold and Ventures traded 8.69 million shares worth N3.38 million, while NGX Group transacted 8.09 million shares valued at N154.07 million
(NAN)
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