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 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.


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