For the second consecutive session, the Nigerian Exchange Limited (NGX) closed on a downward note, yesterday, as virtually all the high-cap stocks depreciated, causing market capitalization to dip further by N621 billion.
The all-share index (ASI) lost by 1,142.26 points, representing a decrease of 1.75 per cent to close at 64,167.39 points. Also, market capitalization declined by N621 billion to close at N34.919 trillion.
The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are: Dangote Cement, NASCON Allied Industries, MTN Nigeria Communications (MTNN), Eterna and Multiverse Mining and Exploration.
Profit-taking in one of the heavy-weights led to the significant decline recorded today, while activity level declined further. We expect another tepid trading session tomorrow and amid mixed sectoral performance.
Also, market breadth closed negative as 24 stocks gained relative to 27 losers. Guinea Insurance and Omatek Ventures recorded the highest price gain of 10 per cent each to close at 33 kobo each, while Tantalizer followed with a gain of 9.09 per cent to close at 36 kobo, per share.
Abbey Mortgage Bank went up by 8.9 per cent to close at N1.59, while The Initiates Plc (TIP) appreciated by 8.86 per cent to close at 86 kobo, per share. On the other hand, Multiverse Mining and Exploration and NASCON Allied Industries led the losers’ chart by 10 per cent each to close at N3.15 and N36.905 respectively, while John Holt followed with a decline of 9.77 per cent to close at N1.2 per share
Dangote Cement depreciated by 9.09 per cent to close at N320, while Universal Insurance declined by 8.33 per cent to close at 22 kobo, per share. The total volume traded declined by 25.1 per cent to 238.04 million units, valued at N2.617 billion, and exchanged in 6,001 deals. Transactions in the shares of Sterling Financial Holdings Company topped the activity chart with 32.674 million shares valued at N113.802 million.
Fidelity Bank followed with 21.124 million shares worth N161.327 million, while Universal Insurance traded 15.915 million shares valued at N15.915 million.
United Bank for Africa (UBA) traded 12.279 million shares valued at N176.558 million, while Transnational Corporation (Transcorp) sold 9.773 million shares worth N35.953 million.
