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NGX index down by 0.01% as investors lose N2bn

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NSE maintain bearish trend despite listing of Ellah Lakes additional shares

The nation’s bourse extended losing streak to four consecutive trading sessions on Thursday with the All-Share Index contracting further by 0.01 per cent on sustained sell-offs of banking stocks.

The performance was buoyed by investors’ profit-taking sentiments in all the major sectors except oil & gas stocks.

Specifically, the All-Share Index shed 3.19 points or 0.01 per cent to close at 39,201.33 in contrast with 39,204.52 achieved on Wednesday.

Consequently, month-to-date and year-to-date losses stood at 0.1 per cent and 2.7 per cent, respectively.

Similarly, the market capitalisation inched lower by N2 billion or 0.01 per cent to close at N20.424 trillion from N20.426 trillion posted on Wednesday.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Honeywell Flour Mill, Zenith Bank, Stanbic IBTC Holdings, Livestock Feeds and United Capital.

The market breadth closed negative with 21 losers in contrast with nine gainers.

Cornerstone Insurance led the losers’ chart in percentage terms by 7.69 per cent to close at 48k per share.

AIICO Insurance followed with 6.86 per cent to close at 95k, while Learn Africa shed 5.56 per cent to close at N1.36 per share.

Livestock Feeds lost 5.45 per cent to close at N2.08, while Honeywell Flour Mills declined by 5.13 per cent to close at N3.88 per share.

On the other hand, Chams drove the gainers’ chart in percentage terms by 4.76 per cent to close at 22k per share.

United Bank for Africa followed with a gain of 4.67 per cent to close at N7.85, while Cutix appreciated by 4.60 per cent to close at N5 per share.

Oando went up by 3.08 per cent to close at N4.68, while Nigerian Breweries appreciated by 1.25 per cent to close at N48.65 per share.

Also, the total volume traded fell by 1.0 per cent to 350.53 million shares worth N3.35 billion traded in 3,523 deals.

This was against a turnover of 354.06 million shares valued at N3.20 billion shares transacted in 4,095 deals on Wednesday.

Transactions in the shares of FBN Holdings topped the activity chart with 97.73 million shares worth N729.64 million.

Wema Bank followed with 74.856 million shares valued at N58.48 million, while Access Bank traded 47.75 million shares valued at N451.17 million.

Livestock Feeds sold 12.85 million shares worth N26.67 million, while Nigerian Breweries transacted 10.003 million shares valued at N486.82 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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