Following weak investor emotions in the shares of many blue-chip businesses, particularly Nigerian Breweries (NB) and Stanbic IBTC, the bears maintained their hold on the equity sector of the Nigerian Exchange Limited (NGX), causing the market capitalization to decrease by another N62 billion.
The All Share Index (ASI), which closed at 47,322.97 points, down by 113.48 absolute points, or 0.24 percent. The market cap also decreased by N61 billion to N25.776 trillion at the closure.
Losses in medium- and large-capitalized equities, including Nigerian Breweries, Stanbic IBTC Holdings, Ecobank Transnational Incorporated (ETI), Union Bank of Nigeria (UBN), and Zenith Bank, had an impact on the decline.
13 gainers and 14 losers made for a slightly negative closing market breadth. Chams experienced the largest price increase, up 9.09% to settle at 24 kobo per share. Wapic Insurance closed at 35 kobo after gaining 6.06 percent, and NPF Microfinance Bank increased by 5.33 percent to settle at N1.58 per share.
While FCMB Group increased by 3.08 percent to conclude at N3.35, per share, Jaiz Bank increased by 3.66 percent to close at 85 kobo. FBN Holdings gained 1.82 percent to settle at N11.20 kobo, while NGXGroup gained 2.13 percent to close at N24. The closing price of Nigerian Aviation Handling Company increased by 1.74 percent to N5.85 kobo.
UACN gained 53% to end the day at N9.55 kobo. In addition, Fidelity Bank increased by 49% to close at N4.12 kobo. Vetiva Dealings and Brokerage analysts stated: “Profit taking action continued today, as gainers remain outnumbered, and we expect a similar trading session tomorrow. “
On the other hand, NB came in second with a 7.66% loss to close at N45.20 kobo, followed by Neimeth Pharmaceutical, which lost 7.97% to settle at N1.27 kobo. To close at 83 kobo, Caverton lost 5.68 kobo. ETI lost 5.16 percent of its value to close at N10.10 kobo.
To close at N6.25 kobo, Union Bank of Nigeria had a 4.58 percent decline. AIICO lost 1.82 percent to settle at 54 kobo, while Stanbic IBTC lost 4.23 percent to close at N30.55 kobo. Royal Exchange lost 1.41 percent of its value to finish the day at 70 kobo. To close at N21.70 kobo, Zenith Bank also lost 1.36 percent of its value.
Zenith Bank traded 9.331 million shares worth N202.528 million, and Access Holdings traded 11.170 million shares worth N94.915 billion.
Guaranty Trust Holding Company (GTCO) traded 8.492 million shares worth N169.380 million, while FBN Holdings (FBNH) traded 8.732 million shares worth N96.616 million.