The Nigerian Exchange Limited (NGX) has continued its bearish plunge as it recorded further losses for three consecutive trading days to close on a downturn, yesterday, causing market capitalisation to plunge by N301 billion.
At the close of transactions, the all-share index (ASI) decreased by 577.43 absolute points, representing a decline of 1.48 per cent to close at 38,445.09 points. Also, market capitalisation of listed equities dropped by N301 billion to close at N20.038 trillion.
The market decline was driven by price depreciation in large and medium capitalised stocks including Airtel Africa, BOC Gases, Dangote Cement, Dangote Sugar Refinery and Northern Nigeria Flour Mills (NNFM).
Analysts at Afrinvest Limited said: “In the coming trading session, we expect the local bourse to extend the bearish performance.”
As measured by market breadth, market sentiment closed negative, as 25 stocks declined relative to 23 gainers.
MRS Oil Nigeria and Seplat Petroleum Development Company (SEPLAT) recorded the highest price gain of 10 per cent each to close at N12.10 kobo and N682 while Sterling Bank followed with a gain 9.74 per cent to close at N1.69 kobo.
Japaul Gold and Ventures rose by 9.62 per cent to close at 57 kobo, while Regency Alliance Insurance appreciated by 8.82 per cent to close at 37 kobo.
On the other hand, C&I Leasing and Airtel Africa led the losers’ chart by 10 per cent each to close at N4.50 kobo and N837 while BOC Gases followed with a decline of 9.96 per cent to close at N11.03 kobo.
Royal Exchange shed 9.64 per cent to close at 75 kobo, while NNFM depreciated by 8.94 per cent to close at N5.60 kobo.
Meanwhile, the total volume of trades decreased by 24.9 per cent to 153.643 million units, valued at N2.446 billion and exchanged in 3,494 deals.
Transactions in the shares of UAC of Nigeria (UACN) topped the activity chart with 10.013 million shares valued at N103.442 million.
Zenith Bank followed with 9.639 million shares worth N222.847 million, while Fidelity Bank traded 8.745 million shares valued at N19.839 million.
Transnational Corporation of Nigeria (Transcorp) traded 8.708 million shares valued at N7.775 million while Access Bank transacted 7.714 million shares worth N63.554 million.
THE GUARDIAN
