Equity market drops by 0.12%

Transactions on the Nigerian Exchange Ltd.,(NGX) on Thursday ended on a negative note with market indices dropping by 0.12 per cent due to sell-offs.

The market capitalisation declined by N36 billion to close at N29.608 trillion in contrast with N29.644 trillion achieved on Thursday.

Similarly, the All-Share Index, which opened at 54, 427.05 shed 67.15 points or 0.12 per cent to close at 54, 359.90.

The market’s weak performance was primarily driven by selloffs in stocks of Zenith Bank, Geregu, Nigerian Breweries and Guaranty Trust Holding Company (GTCo).

The year-to-date (YTD) return fell to 6.07 per cent.

Northern Nigeria Flour Mills recorded the highest price gain to lead the gainers’ chart, appreciating by 9.74 per cent to close at N10.70 per share.

Red Star Express trailed with a gain of 9.49 per cent to close at N2.77 and Transnational Express grew by 9.46 per cent to close at 81k per share.

Sunu Assurance was up by 9.38 per cent to close at 35k, while Tripple Gee appreciated by 8.7 per cent to close at N1.25 per share.

Conversely, GlaxoSmith topped the losers’ table, dropping by 7.91 per cent to close at N6.40 per share.

Veritas Kapital and Conerstone Insurance followed by losing 4.76 per cent each to close at 20k and 60k per share, respectively.

Also, Wapic Insurance depreciated by 4.44 per cent to close at 43k per share.

Fidelity Bank decreased by 3.39 per cent to close at N5.70 per share.

Analysis of the activity chart indicated that Universal Insurance emerged the most active in volume terms, having accounted for 71.81 million shares worth N41.36 million.

It was followed by Guranty Trust Holding Company (GTCO) with an exchange of 23.32 million shares valued at N560.37 million, and Sterling Bank sold 12.91 million shares worth N19.75 million.

AIICO exchanged 11.43 million shares valued at N6.91 million, while FBN Holdings sold 10.9 million shares worth N128.8 million.

In all, investors staked N3.15 billion on 225.38 million shares transacted in 3,339 deals.