Wednesday, February 8, 2023

NGX opens week with N20 billion loss

The negative performance of the market was driven by price depreciation in large and medium capitalised stocks.

• November 29, 2021
NGX
NGX building used to illustrate the story

Trading in the domestic equities market started the week on Monday with negative sentiments following sell pressure in Presco and 20 other stocks.

Specifically, the market capitalisation which opened at N22.598 trillion lost N20 billion or 0.09 per cent to close at N22.578 trillion.

Also, the All-Share Index lost 37.31 points or 0.09 per cent to close at 43,270.94 from 43,308.25 posted on Friday.

Accordingly, the month-to-date and year-to-date gains moderated to 2.9 per cent and 7.5 per cent, respectively.

The negative performance of the market was driven by price depreciation in large and medium capitalised stocks which are: Presco, UPDC Real Estate Investment Trust, International Breweries, Zenith Bank and Oando.

Analysts at Afrinvest Ltd. anticipated a mixed market performance in the next trading session due to the weak investor sentiment.

The market closed negative with 21 laggards against 14 gainers.

UACN Property Development Company led the losers’ chart in percentage terms by 9.92 per cent to close at N1.18 per share.

UPDC Real Estate Investment Trust followed with 9.90 per cent to close at N4.55, while Consolidated Hallmark Insurance lost 7.27 per cent to close at 51k per share.

Regency Alliance Insurance dipped 4.76 per cent to close at 40k per share.

Wapic Insurance and International Breweries shed four per cent each to close at 48k and N4.80 per share respectively.

On the other hand, AIICO dominated the gainers’ chart in percentage terms with 8.57 per cent to close at 76k per share.

LivingTrust Mortgage Bank followed with 7.95 per cent to close at 95k, while Veritas Kapital Assurance went up by 4.76 per cent to close at 22k per share.

Associated Bus Company rose by 3.03 per cent to close at 34k, while Courteville Business Solutions gained 2.56 per cent to close at 40k per share.

Similarly, the total volume of trades declined by 30.2 per cent to 213.13 million units valued at N2.36 billion exchanged in 4,105 deals.

This was in contrast with a turnover of 305.32 million shares worth N3.58 billion traded in 4,450 deals on Friday.

Transactions in the shares of FCMB Group topped the activity chart with 58.45 million shares valued at N179.92 million.

AIICO Insurance followed with 13.51 million shares worth N10.39 million, while Zenith Bank traded 12.78 million shares valued at N308.69 million.

Guaranty Trust Holding Company (GTCO) traded 12.39 million shares valued at N309.67 million, while Access Bank transacted 10.90 million shares worth N98.52 million.

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Mele-Kyari

Economy

Fuel scarcity happens everywhere; Nigerians should expect steady supply when Dangote begins operation: Mele Kyari

In an interview on Tuesday, CEO of NNPC, Mr Mele Kyari, described the fuel scarcity in the country as a “glitch”.

NNPC truck

NationWide

Fuel Scarcity: NNPCL begins direct supply of petrol to IPMAN

IPMAN had earlier directed its members to suspend payment for products from source until further notice.

Boeing

Economy

Boeing to cut at least 2,000 finance, HR jobs in 2023

Boeing said that it plans to outsource a third of the eliminated positions to India-based Tata Consulting Services in Bengaluru.

Nigerian Bar Association

States

Lawyers protest, boycott courts for three days over killings in Imo

The lawyers were protesting the killing of Nnaemeka Ugboma, chairman, Customary Court, Ejemekwuru in the Oguta LGA, on February 2, while presiding over a case.

Ishan Wahi

Anti-Corruption

Ex-Coinbase manager pleads guilty to first-ever crypto insider trading

The former product manager is accused of committing wire fraud in connection with a scheme of insider trading in cryptocurrency assets.