The Nigerian Exchange Limited (NGX) paused gains to close on a downturn yesterday as the All-share index declined by 0.08 percent as a result of sale pressure in Guinness Nigeria and 20 other stocks.
To conclude at 44,011.22 points, the All Share Index (ASI) dropped by 35.72 absolute points, or 0.08 percent. The market capitalization also decreased by N19 billion to N23.972 trillion at the closure.
Losses in medium- and large-capitalized stocks, including Guinness Nigeria, United Capital, Zenith Bank, Dangote Sugar Refinery, and Lafarge Africa, had an impact on the downturn.
Analysts at Afrinvest Limited said, “in the final trading session for the week, we anticipate the bearish performance would be sustained in the absence of any positive catalyst.”
Additionally, the market breadth ended down, with 21 losers and 13 winners. The largest price increase, 10%, was registered by Unilever Nigeria, which closed at N11.00 per share. University Press increased by 8.93% to conclude at N1.83 a share, while Stanbic IBTC Holdings was third with a gain of 9.09% to close at N30.00.
Royal Exchange increased by 6.85% to close at 78 kobo per share, while Sovereign Trust Insurance increased by 8.33% to close at 26 kobo.
Guinness Nigeria, on the other hand, topped the losers’ chart by 9.97% and closed at N60.50 per share. Following with a loss of 9.79% to close at N1.29, SCOA Nigeria, while Associated Bus Company went down by 8.00 to close at 23 kobo, per share.
Oando lost 5.76% to settle at N3.60 kobo per share, while United Capital lost 5.83% to close at N11.30.
A total of 2,980 deals were made for a total volume of 97.699 million shares valued N847.882 million, a decrease of 38.7%. Transnational Corporation of Nigeria (Transcorp) share transactions, totaling 10.655 million shares valued at N11.583 million, topped the list of activities.
Sterling Bank traded 7.415 million shares worth N10.432 million, and Access Holdings traded 8.093 million shares worth N68.743 million.
Nigerian Aviation Handling Company (NAHCO) traded 6.995 million shares worth N37.717 million, and Guaranty Trust Holding Company (GTCO) traded 6.997 million shares worth N134.003 million.