The Nigerian Exchange Limited (NGX) extended its losing streak to three sessions yesterday, as the All-Share Index (ASI) fell 0.07 percent more due to profit-taking.
The ASI dropped 35.28 absolute points to 52,721.34 points at the close of trading Wednesday, a 0.07 percent drop. Similarly, the market capitalisation decreased by N19 billion to N28.423 trillion.
Losses in medium and big capitalised equities, such as Nigerian Exchange Group (NGX Group), Berger Paints Nigeria, Lafarge Africa, Fidson Healthcare, and May & Baker Nigeria, contributed to the decline.
“The equities market finished transactions on a negative note,” GTI Securities analysts said. “We expect profit-taking from lately valued stocks to continue during the week.”
“Investor sentiment, as assessed by market breadth, improved to -0.03x from -0.09x as 21 equities gained, 23 dropped, and 69 closed flat,” according to Afrinvest Securities. We expect the market to recoup some losses in the week’s last session, owing to bargain-hunting activity.”
Market breadth was also negative, with 23 stocks losing money while 21 stocks gained money. Academy Press outperformed the losers’ chart by 9.93%, closing at N1.36 per share.
TransNational Corporation closed at N1.33 kobo, down 6.34 percent. Jaiz Bank closed at 85 kobo, down 5.56 percent. Livestock prices fell 5.29 percent to N1.61 kobo. Fidson closed at N11, down 4.76 percent. Curtix also dropped 4.14 percent to N2.78 kobo.
McNichols Plc, which closed at N1.77 kobo, had the largest price gain of 9.94%. Transcorp Hotel rose 9.84 percent to N5.36 kobo, while Champion Breweries gained 7.03 percent to N3.96 kobo.
Multiverse Mining and Exploration gained 4.76 percent to settle at 22 kobo, while Consolidated Hallmark Insurance rose 6.56 percent to 65 kobo.
The overall volume traded fell 53.77 percent to 611.974 million shares worth N7.426 billion, with 5,948 transactions. FBN Holdings (FBNH) led the activity list, with 153.336 million shares worth N1.897 billion changing hands.
Jaiz Bank came in second with 116.642 million shares worth N104.480 million, and Guaranty Trust Holding Company (GTCO) came in third with 65.930 million shares for N1.577 billion.
Transnational Corporation of Nigeria (Transcorp) traded 40.734 million shares worth N57.855 million, while FCMB Group traded 43.485 million shares worth N152.172 million.
