July 22, 2024

The Nigerian Exchange Limited (NGX) sustained a sliding profile at the end of yesterday’s transactions amid losses in many blue chip stocks, especially FBN Holdings (FBNH) and Access Bank, causing market capitalisation to dip further by N191 billion.

   The all-share index (ASI) shed 336.82 points, representing a decline of 0.32 per cent to close at 104,181.32 points. Also, market capitalisation shed N191 billion to close at N58.905 trillion.

The downturn was driven by price depreciation in large and medium-capitalised stocks amongst which are; FBN Holdings (FBNH), Access Holdings, Stanbic IBTC Holdings, NEM Insurance and Guaranty Trust Holding Company (GTCO).

Analysts at United Capital Plc said: “We expect bargain-hunting activities to continue, with the recent release of a flurry of full-year 2023 audited financial statements, and corporate actions.

“We expect a sustained southward trend of short-term rates in the fixed income market to motivate further bullish sentiments toward equity investments at different intervals.”

As measured by market breadth, market sentiment was positive, as 21 stocks gained relative to 32 losers. University Press emerged as the highest price gainer of 9.84 per cent to close at N2.68 kobo. SCOA Nigeria followed with a gain of 9.69 per cent to close at N2.15 kobo while Morison Industries advanced by 9.66 per cent to close at N1.93 kobo.

Cutix rose by 9.62 per cent to close at N2.85 kobo while Mutual Benefits Assurance appreciated by 9.38 per cent to close at 70 kobo.

  On the other side, International Energy Insurance and Caverton Offshore Support Group led others on the losers’ chart with 10 per cent each to close at N1.44 and N1.62 respectively, while Thomas Wyatt Nigeria followed with a decline of 9.63 per cent to close at N1.97, per share.

 NEM Insurance lost 9.60 per cent to close at N8.95, while Tantalizers depreciated by 9.52 per cent to close at 38 kobo, per share.

The total volume traded declined by 25.75 per cent to 405.026 million units, valued at N8.908 billion, and exchanged in 10,364 deals. Transactions in the shares of Access Holdings led the activity with 50 million shares worth N1.242 billion. United Bank for Africa (UBA) followed with an account of 49.006 million shares valued at N1.370 billion, while Transnational Corporations (Transcorp) traded 45.947 million shares valued at N612.799 million.


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