NGX: Stocks shed N85 billion as bears persist

The downturn was impacted by losses recorded in large capitalised stocks.

News Agency of Nigeria • June 2, 2022

Nigeria Exchange (NGX)

Trading activities on the nation’s bourse closed on a downward trend on Thursday, making it the fourth consecutive session.

Specifically, the market capitalisation shed N85 billion to close at N28.473 trillion compared with N28.558 trillion on Wednesday.

In the same vein, the All-Share Index lost 1,158.37 points or 0.25 per cent to close at 52, 815.78 points against 53,974.15 on Wednesday.

Hence, the Year-to-Date (YTD) return fell to 23.70 per cent.

The downturn was impacted by losses recorded in large capitalised stocks, amongst which are; Airtel Africa, Zenith Bank, Guaranty Trust Holding Company (GTCo) and First Bank Nigeria Holdings(FBNH).

Consequently market sentiment as measured by the market breadth closed negative with 24 losers relative to 10 gainers.

Ellah Lakes Plc dominated the gainers chart in percentage terms appreciating by 9.62 per cent to close at N3.42 per share.

PZ came second with 9.57 per cent to close at N12.60, while Sovereign Trust Insurance rose by 8.33 per cent to close at 26k per share.

NAHCO rose by 8.31 per cent to close at N7.82, while Aluminium Extrusion Industries appreciated by 4.76 per cent to close at N7.20 per share.

Conversely, Royal Exchange led the losers chart in percentage terms losing 10 per cent to close at 90k per share.

Global Spectrum Energy Services Plc (GSPEC) trailed with a loss of 9.75 per cent to close at N2.50, while Champion Breweries dipped 8.63 per cent to close at N3.60 per share.

First City Monument Bank (FCMB) lost 6.57 per cent to close at N3.27, while International Breweries shed 5.66 per cent to close at N7.50 per share.

Transactions in the shares of FBNH topped the activity chart with 74.66 million shares valued at N836.14 million.

Transcorp followed with 31.37 million shares worth N40.17 million, while Zenith Bank traded 26.92 million shares valued at N621.53 million.

GTCo sold 17.8 million shares worth N401.51 million, while United Bank for Africa(UBA) transacted 12.48 million shares worth N98.01 million.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions advancing by 12.20 per cent.

A total of 274.43 million shares valued at N4.03 billion were exchanged in 5,011 deals.

(NAN)

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