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Stock market rounds as NGX-ASI recedes by 0.26%

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Transactions on the Nigerian equity market on Friday closed negative, reversing the previous day’s gain.
The NGX-ASI declined by 0.26 per cent to 46,842.86 from 46965.48 posted on Thursday.

This indicated a year-to-date increase of 9.66 per cent.

The performance was due to sustained selloffs in Tier-1 banking, namely; Gauranty Trust Bank Company(GTCO), First Bank of Nigeria Holdings (FBNH) and Access Bank (ACCESSCORP).

Similarly, the market capitalisation also decreased to N25.253 trillion from N25.311trillion recorded on Thursday.

Analysts at GTI Securities say, “Bearish sentiment returns to the stock market, with the trading activities on equities remain dismal.

“We expect the coming week to continue with this trend as investments in other asset classes prevail.”

The market breadth closed negative as 12 stocks appreciated against 37 stocks that declined.

NAHCO led the gainers’ table in percentage terms increasing by 10 per cent to close at N4.29 per share.

Multiverse followed with 9.52 per cent to close at 23k, while Meyer Pharmaceutical added 9.09 per cent to close at 72k per share.

Fidelity Bank gained 7.19 per cent each to close at N3.43 per share.

On the other hand, Redstar Express shed 10 per cent to close at N2.70, while Total trailed with 9.97 per cent to close at N238.50 per share.

Conoil dipped 9.92 per cent to close at N22.25, while Cutix dropped 9.69 per cent to N2.05 per share.

Scoa was down by 9.66 per cent to close at N2.15 per share.

The total volume traded stood 257.33 million units, valued N2.86 billion, and exchanged in 4,586 deals.

This is 21.77 per cent decrease from 201.28 million units, value N2.63 billion in 4,017 deals achieved on Thursday.

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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