The bears resurfaced in the equities sector of the Nigerian Exchange Limited (NGX), halting two days of consecutive rally, as market capitalisation declined further by N6 billion.
At the close of transactions yesterday, the All-Share Index declined by 12.03 per cent, representing a decrease of 0.02 per cent, to close at 54,924.08 points.
Similarly, the overall market capitalisation value lost N6 billion to close at N29.921 trillion. The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are; NCR Nigeria, Nigerian Aviation Handling Company (NAHCO), Access Holdings, United Capital, and AXA Mansard Insurance.
The market breadth was negative as 17 stocks lost relative to 14 gainers. SUNU Assurance recorded the highest price gain of 9.09 per cent to close at 48 kobos, per share. Transcorp Hotels followed with a gain of 8.32 per cent to close at N6.90 and Academy Press was up by 7.50 per cent to close at N1.29 kobo per share.
Regency Alliance Insurance rose by 7.14 per cent to close at 30 kobos, while Associated Bus Company gained 5.71 per cent to close at 37 kobos, per share. On the other hand, NCR Nigeria led the losers’ chart by 9.96 per cent to close at N2.35, per share.
Linkage Assurance followed with a decline of 8.70 per cent to close at 42 kobos, while AXA Mansard Insurance lost 7.50 per cent to close at N1.85, per share.
Royal Exchange declined 4.17 per cent to close at 69 kobos, while UACN Property Development Company (UPDC) and Chams shed 4.00 per cent each to close at 96 kobos and 24 kobos respectively, per share.
The total volume traded fell by 12.2 per cent to 117.850 million units, valued at N1.399 billion, and exchanged in 2,575 deals.
Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 23.396 million shares valued at N31.480 million. Fidelity Bank followed with 16.951 million shares worth N88.163 million, while FBN Holdings (FBNH) traded 13.061 million shares valued at N143.571 million.
Royal Exchange traded 9.183 million shares valued at N6.151 million, while United Bank for Africa (UBA) transacted 8.998 million shares worth N72.198 million.