The Nigerian Exchange Limited (NGX) halted three sessions of gain to commence trading for the month of May on a downward note yesterday, as market capitalization dropped by N58 billion.
Specifically, at the re-opening of transactions for the month of May, the All-Share Index (ASI) fell by 107.03 points, representing a decline of 0.20 percent to close at 52,296.48 points. Accordingly, investors lost N58 billion in value as market capitalization declined to N28.476 trillion.
The downturn was driven by price appreciation in large and medium capitalized stocks amongst which are; Geregu, NGXGroup, PZ Cussons, African Prudential Lafarge WAPCO, International Breweries, Cadbury, and Custodian & Allied Insurance.
United Capital Plc, said: “We expect bullish sentiments to continue, as investors look to take advantage of fundamentally sound stocks with low pricing, with Q1, 2023 earnings season already underway. However, we see room for pockets of profit-taking activities.”
As measured by market breadth, the sentiment was positive as 30 stocks gained relative to 23 losers. Analysts at Vetiva Dealings and Brokerage, said: “Investors took positions in GTCO and NASCON post mark-down, as both counters closed the day in the green. We expect investors to continue to cheery pick stocks at bargain prices in anticipation of potential price appreciations.”
On the price movement chart, Geregu Power Plc topped the losers chart, declining by 10 percent to close at N290.70 kobo, Transcorp trailed with a loss of 9.96 percent to close at N2.53 kobo, Africa Prudential fell by 9.40 percent to close at N5.30 kobo, International Breweries was down by 8.51 percent to close at N4.30 kobo, Ikeja Hotel declined by 6.85 percent to close at N1.36 kobo. PZ Cussons depreciated by 6.56 percent to close at N12.10 kobo. Mutual Benefits Assurance lost 6.25 percent to close at 30 kobo. Honeywell Flourmill depreciated by 5.45 percent to close at N2.96 kobo. RTBriscoa shed four percent to close at 24 kobos. NGXGroup declined by 3.28 percent to close at N26.50 kobo. Jaiz Bank also shed 3.16 kobo to close at 92 kobos.
On the other hand, Conoil Plc and Union Bank of Nigeria led the gainer’s chart, improving by 10 percent each to close at N44.00 and N7.70 kobo. Multiverse followed with a gain of 9.71 percent to close at N3.05 kobo, NACHO gained 9.62 percent to close at N13.10 kobo, and Nigeria Breweries added 9.38 percent to close at N35.
Wema Bank appreciated by 7.89 percent to close at N4.10 kobo. National Salt Company of Nigeria increased by 7.52 percent to close at N14.30 kobo. Chams gained 7.14 percent to close at 30 kobos. Royal Exchange added 7.14 percent to close at 60 kobos. Sterling Bank improved by 6.25 percent to close at N1.70 kobo. Vitafoam also added 6.21 percent to close at N17.95 kobo.
On the whole, investors traded 550.293 million shares, valued at N5.153 billion in 6250 deals against 3.128 billion shares worth N13.068 billion exchanged hands the previous day in 5573 deals.
Transactions in the shares of Access Corp Plc led activity during the day with 150.071 million shares valued at N1.569 billion, Transcorp followed with an account of 134.253 million shares worth N417.481 million.
Mansard Insurance traded 41.863 million shares worth N100.895 million; Wapic Insurance exchanged 29.064 million shares valued at N12.871 million while Fidelity Bank exchanged 20.084 million worth N111.072 million.
