Bears resurface on NGX, indices down by 0.22%

Bearish sentiments resurfaced on the Nigerian Exchange (NGX) on Wednesday with key indices dropping by 0.22 per cent on profit taking in some blue chips.

Specifically, the market capitalisation which opened at N22.672 trillion shed N50 billion or 0.22 per cent to close at N22.622 trillion.

Similarly, the All-Share Index dipped 94.30 points or 0.22 per cent to close at 43,349.90 from 43,444.20 posted on Tuesday.

Accordingly, the month-to-date and year-to-date gains moderated to 3.1 per cent and 7.7 per cent, respectively.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Unilever Nigeria, Ardova Plc, Guaranty Trust Holding Company (GTCO), Flour Mills of Nigeria and Access Bank.

Market breadth was negative as 24 stocks recorded price depreciation against 14 gainers.

Japaul Gold and Ventures and Neimeth International Pharmaceuticals led the losers’ chart in percentage terms by 9.09 per cent each to close at 40k and N1.80 per share, respectively.

Unity Bank followed with 8.47 per cent to close at 54k per share.

Consolidated Hallmark Insurance lost 8.06 per cent to close at 57k, while Unilever shed 7.53 per cent to close at N13.50 per share.

Conversely, Associated Bus Company drove the gainers’chart in percentage terms by 10 per cent to close at 33k per share.

Chams followed with 4.55 per cent to close at 23k, while Cutix inched higher by 3.08 per cent to close at N3.35 per share.

Wema Bank increased by 2.35 per cent to close at 87k, while Transcorp appreciated by 2.06 per cent to close at 99k per share.

Transactions in the shares of FBN Holdings topped the activity chart with 68.61 million shares valued at N856.18 million.

International Breweries followed with 36.69 million shares worth N201.82 million, while GTCO traded 24.22 million shares valued at N644.04 million.

Unity Bank sold 9.51 million shares valued at N5.15 million, while Access Bank transacted 9.47 million shares worth N87.28 million.

In all, the total volume of trades transacted was down by 37.5 per cent with an exchange of 264.79 million units valued at N6.09 billion in 4,230 deals.

This was in contrast with a total of 423.83 million shares worth N11.65 billion achieved in 4,181 deals on Tuesday.