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NGX: Indices drop further by 0.81%

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Key indices of the Nigerian Exchange (NGX) dropped further by 0.81 per cent on Thursday to extend bearish transactions to three consecutive trading sessions.

Consequently, the All-Share Index lost 319.08 points or 0.81 per cent to close at 39,114.73 against 39,433.81 on Wednesday.

Also, the market capitalisation shed N167 billion or 0.81 per cent to close at N20.470 trillion from N20.637 trillion on Wednesday.

The bearish sentiment was sustained on price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Dangote Cement, BOC Gases, Red Star Express and SCOA.

Market watchers attributed the persistent lull to increased yield in the money market instruments which led to movement of funds.

However, 25 stocks gained, relative to 20 losers.

BOC Gases led the losers’ chart in percentage terms, losing 9.99 per cent to close at N12.25 per share.

Livestock Feeds followed with 9.90 per cent to close at N1.73, while SCOA shed 9.66 per cent to close at N2.15 per share.

Red Star Express dipped 9.59 per cent to close at N3.11, while Regency Alliance Insurance depreciated by 9.38 per cent to close at 29k per share.

On the other hand, Conoil and Courteville Business Solutions dominated the gainers’ table in percentage terms with 10 per cent each to close at N18.70 and 22k per share, respectively.

Seplat followed with 9.99 per cent to close at N604.40 per share.

Linkage Assurance rose by 8.62 per cent to close at 63k, while Access Bank appreciated by 5.19 per cent to close at N8.10 per share.

In spite of the drop in indices, the total volume of trades transacted increased by 15.43 per cent with a total of 403.51 million shares valued at N4.81 billion, in 4,342 deals.

This was in contrast with a turnover of 349.56 million shares worth N3.50 billion achieved in 4,554 deals on Wednesday.

Transactions in the shares of Access Bank topped the activity chart with 105.87 million shares valued at N844.21 million.

NEM Insurance accounted for 38.68 million shares worth N77.34 million, while FBN Holdings traded 35.41 million shares valued at N258.66 million.

Zenith Bank sold 29.43 million shares worth N641.83 million, while Fidelity Bank transacted 22.31 million shares valued at N49.60 million.

Chinyere Joel-nwokeoma

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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