Yesterday, the Nigerian Exchange Limited (NGX) experienced a decline in trading as profit-taking by NGX Group Plc and 20 other stocks reduced market capitalization by N4 billion.
The All-Share Index dropped 6.14 percent, or 0.01 percent, to settle at 55,788.37 points at the close of yesterday’s trade. To settle at N30.391 trillion, the market capitalization value decreased by N4 billion.
Price declines of major and medium capitalized equities, including Zenith Bank, Guaranty Trust Holding Company (GTCO), Lafarge Africa, and FBN Holding, were the primary cause of the market’s poor performance (FBNH).
The equities market will continue to benefit from the current low interest rate environment, according to United Capital Plc’s estimates for the first quarter of 2023.
“We believe that taking positions in stocks with solid valuations and dividend yields ahead of the dividend-paying season is a good strategy. However, we note that there may be profit-taking activities from the extended rallies.”
As a result of 21 stocks falling relative to 12 advancing, the market breadth was negative. University Press saw the largest price increase, up 9.89% to N2.00 per share. Following closely behind were Multiverse Mining and Exploration up 5.04 percent to conclude at N3.75, per share, and Computer Warehouse Group (CWG), which gained 7.69 percent to close at 98 kobo.
Regency Alliance Insurance increased by 3.45 percent to close at 30 kobo per share, while BUA Foods increased by 4.21 percent to conclude at N99.00. To close at 33 kobo, Mutual Benefit Assurance had a 3.13 percent increase.
To conclude at N4.70 kobo, Champion Breweries gained 2.17 percent. The closing share for Unity Bank was 1.92 percent, or 53 kobo. Jaiz Bank gained 1.11 percent to end the day at 91 kobo. Cutix increased by 47% to end the day at N2.15 kobo. For further information, see the website. United Capital rose 34% to settle at 14.70 Naira per kobo.
Nigerian Exchange Group, on the other hand, topped the losers’ table by 9.72% to settle at N26.00 per share. Following suit, NPF Microfinance Bank had a drop of 8.47% to close at N1.73 kobo.
To closing at 45 kobo per share, Courteville Business Solutions saw a 6.25 percent loss. Royal Exchange lost 3.95 percent to settle at 73 kobo per share, while Linkage Assurance lost 4.35 percent to close at 44 kobo.
RT Briscoe dropped 3.70% to finish at 26 kobo. To close at N25, Zenith Bank suffered a 3.10 percent loss. Oando lost 2.71 percent to end the day at N4.30 kobo.
To close at N1.46 kobo, Sterling Bank fell by 2.67 percent. To close at N4, NEM fell 2.44 percent.
FBN Holdings, TransNational Corporation of Nigeria, Livestock, GTCO, AIICO, and Lafarge WAPCO are some of the other companies that suffered losses in yesterday’s trades. These companies lost 2.27 percent, 2.17 percent, 1.92 percent, 1.89 percent, 1.64 percent, and 1.52 percent, respectively, to close at N10.75 kobo, N1.02, N26, 60 kobo, and N26.
Aside from the fact that the aforementioned is true, the fact that the aforementioned is true regarding the aforementioned is also true regarding the aforementioned. The highest volume of trading was in the 38.154 million shares of Nigerian Exchange Group valued at N994.554 million.
Following Transcorp, Sterling Bank traded 15.885 million shares worth N23.081 million, and Transnational Corporation (Transcorp) traded 19.734 million shares worth N26.602 million.
United Bank for Africa traded 13.695 million shares for N112.480 million, while Zenith Bank traded 14.835 million shares worth N374.263 million.
