Transactions on the floor of Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, as capitalisation declined by N220 billion, amid price depreciation in 28 stocks.
At the close of transactions yesterday, market capitalisation of listed equities declined by 0.24 per cent to N89.524 trillion from N89.744 trillion reported the previous day.
The all-share index also depreciated by 347.12 basis points to 141498.22 points from 141.845.34 points reported on Friday.
Yesterday’s downturn was impacted by losses recorded in medium and large capitalised stocks amongst which are negative performance in the shares of Oando, Nigerian Breweries, Honeywell , GTCO, UBA, UACN and Ikeja Hotel.
The market breadth was negative with 28 losers against 21 gainers, bringing the year-to-date return to 37.48 per cent.
However, volume of trades went up by 53.327 million, representing 12.25 per cent as investors traded 488.562 million shares against 435.235 million reported the previous day, value of transactions down by 9.32 per cent to settle at N13.719 billion.
Sectoral performance closed broadly in the red, with declines recorded in the consumer goods, oil and gas, banking and insurance indices, which fell by 0.8 percent, 0.5 per cent, 0.3 percent, and 0.1 percent, respectively. The industrial goods index, however, closed flat.
Analysts at Codros Capital said: “Investor sentiment, as measured by market breadth, improved to -0.08x (previously -0.46x) as 22 stocks advanced, 28 declined, and 74 closed flat.
“Tomorrow, (today), we anticipate the market to trade cautiously in anticipation of the much-anticipated MPC meeting outcome on the direction on key policy parameters.”
An analysis of the investment showed that Royal Express led the gainers’ table with 9.8 per cent to close at N2.24 kobo while NSLTech followed with a gain of 6.67 per cent to close at 80 kobo. Chams Plc added 6.13 per cent to close at N3.29 kobo, Prestige Insurance added 5.75 per cent to close at N1.84 kobo. Daar Communications increased by 5.66 per cent to close at N1.12 kobo.
On the contrary, Mcnichols topped the losers chart dropping by 10 per cent to close at N3.33 kobo, Ikeja Hotel trailed with 9.8 per cent to close at N20.70 kobo. FTNCocoa dipped by 8.33 per cent to close at N5.50 kobo, Nigeria Breweries shed 7.64 per cent to close at N70.15 kobo. Honey Well Flour declined by 6.79 per cent to close at N20.60 kobo.
Transactions in the shares of Universal insurance led market activities with 79.558 million shares valued at N95.069 million.
Zenith Bank followed with account of 58.602 million shares costing N3.861 billion, Nigerian Breweries traded 32.534 million shares worth N2.408 billion.
United Bank for Africa exchanged 31.981 million shares at a cost N1.385 billion, while NSLTech traded 22.195 million shares valued at N17.837 million.
