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NGX ASI continues negative trends, loses 0.11%

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The equities market of the Nigerian Exchange Ltd., (NGX) extended losses in the second consecutive session of the week as the All-Share Index (ASI) lost 0.11 per cent to close at 46,843.09 points.

The market’s weak performance was caused by sustained selloffs in banking stocks which are; Zenith Bank, Access Corporation and Stanbic Bank.

Specifically, the All-Share Index (ASI) at the close of trading on Tuesday declined to stand at 46,843.09 points, representing 0.11 per cent when compared to the 46,893.86 points recorded on Monday.

Similarly, the overall market capitalisation lost N27.5 billion, declining to N25.245 trillion from the N25.273 trillion recorded on Monday.

On what will shape the market tomorrow, analysts at Vetiva Brokage and Deals said:

“Baring block transactions in recent sessions, activity level has been relatively tepid with investors sentiment tilting towards the bears.

“We are likely to see recoveries in some of the sectors tomorrow amid lower entry points.”

“Bearish sentiment persists, as sell-offs continue in all the major sectors.

“We expect this to continue this week, with uncertainties hovering around the equity market,” said analyst at GTI Research.

The market breadth was negative as 18 stocks declined relative to 16 gainers.
PZ recorded the highest price gain of 9.08 per cent to close at N11.20 per share.

Japaul Gold followed with a gain of 9.68 per cent to close at 34k per share, while First City Monument Bank (FCMB) rose by 9.32 per cent to close at N3.40 per share.

Chiplc rose by 4.92 per cent to close at 64k while NPF Microfinance Bank gained 3.81 per cent to close at N2.45 per share.

Guinness Plc appreciated by 1.71 per cent to close at N11.20 per share.

On the other hand, International Breweries led the losers’ chart by 10 per cent to close at N5 per share.

Veritas Kapital and FTNCocoa depreciated by 8.70 per cent and 5.71 per cent each to close at 23k and 35k per share, respectively.

Fidelity Bank followed with a decline of 4.88 per cent to close at N3.28 per share, while CHAMS lost 4.76 per cent to close at 21k per share.

Royal Exchange declined 4.17 per cent to close at N1.20 per share.

The daily traded volume stood at 214.328 million units in 4,125 deals, representing a 40.45 per cent decrease from a volume of 359.890 million units traded in the previous session.

Also, the value of traded stocks dropped by 31.43 per cent in the session to stand at N1.790 billion as against a value of N2.611 billion recorded on Monday.

CHAMS led the volume charts as the top traded stock by volume for the trading session with 30.403 million shares valued N6.082 billion.

Access Corporation followed with 30.295 million shares worth N305.509 million, while Transcorp traded 20.500 million shares valued N20.435 million.

First Bank Nigeria Holding (FBNH) traded 18.516 million shares valued N216.382 million, while Etranzact transacted 13.084 million shares worth N34.675 million.

tribune newspaper

Olawunmi Ashafa

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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