Friday, June 9, 2023

Market indices down by N430 billion as NGX slumps to bearish mode

The downturn in the performance of the market was due to profit-taking in Airtel Africa Plc and 15 others.

• January 5, 2023
Nigerian Exchange
Nigerian Exchange [Photo Creadit: Business Live Nigeria]

Trading on the Nigerian Exchange Ltd., (NGX) closed negative Thursday with market capitalisation losing N430 billion or 1.53 per cent to close at N27.706 trillion from N28.136 trillion on Wednesday.

Also the All Share Index (ASI) dropped by 789.04 points or 1.53 per cent to close at 50,868.52  from 51,657.56 recorded on Wednesday.

The downturn in the performance of the market was due to profit-taking in Airtel Africa Plc and 15 others.

As measured by market breadth, market sentiment was positive as 20 stocks gained relative to 15 losers.

According to analysts at InvestmentOne Research, “The equities market closed negative today due to the loss by Airtel Africa.

“Going forward, we expect investors’ sentiments to be swayed by the search for real positive returns and developments in the interest rate space.

“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”

Prestige Assurance led the losers’ table, dropping by 8.7 per cent to 42k per share, followed by Airtel Africa that depreciated by 8.26 per cent to close at N1,500 per share.

UPL Plc was down by 7.37 per cent to N1.76 as NPF Microfinance bank declined by 7.10 per cent to close at N1.76 per share.

In addition, Royal Exchange fell by 6.36 per cent to close trading at N1.03 per share.

On the gainers’ chart, John Holt Plc appreciated by 10 per cent to 88k per share as Honeywell Flour Plc gained 9.96 per cent to N2.43 per share.

CWG added 9.78 per cent to N1.01 per share as UACN rose by 4.88 per cent to N10.75 per share.

The total volume and value decreased by 57 per cent and 58 per cent respectively, as investors exchanged about 139 million units of shares worth N1.83 billion.

Sterling Bank Plc dropped by 2.10 per cent, the most actively traded stock with about 29 million units of shares worth about N41 million. 


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