The Nigerian Exchange Limited (NGX) halted four-day gains, to close on a downturn yesterday, as selloffs in BUA Cement and 19 stocks drag market capitalisation by N216 billion.
At the close of trading yesterday, the All-Share Index declined by 396.35 per cent, representing a decline of 0.75 per cent, to close at 52,209.06 points.
Similarly, the overall market capitalisation value lost N216 billion to close at N28.428 trillion.
The negative performance was driven by price depreciation in large and medium-capitalized stocks which are BUA Cement, Stanbic IBTC Holdings, Africa Prudential, Academy Press and Caverton Offshore Support Group.
Analysts at Afrinvest Limited said: “Today, we expect market performance to be guided by extended profit-taking despite the improved investor sentiment.”
Vetiva Dealings and Brokerage said: “We expect dividend re-investment and corporate actions to continue to drive interest in the banking sector. Also, in the absence of any significant decline in any of the heavyweights, we are likely to see the market revert to a green close.”
However, the market breadth closed positive as 34 stocks gained relative to 20 decliners. Ardova Plc recorded the highest price gain of 10 per cent to close at N22. NCR Nigeria followed with a gain of 9.91 per cent to close at N2.33 and Transnational Corporation (Transcorp) was up by 9.69 per cent to close at N2.15 kobo.
Japaul Gold & Ventures rose by 9.68 per cent to close at 34 kobo while CWG also gained 9.43 per cent to close at N1.74 kobo.
On the other hand, Caverton Offshore Support Group led the losers’ chart with 9.48 per cent to close at N1.05 kobo.
SUNU Assurance followed with a decline of 9.26 per cent to close at 49 kobo, while BUA Cement lost 8.02 per cent to close at N90.
Academy Press declined 7.88 per cent to close at N1.52 kobo while Africa Prudential also shed 4.46 per cent to close at N5.35 kobo.
The total volume traded fell by 13.52 per cent to 554.312 million units, valued at N5.96 billion and exchanged in 5,168 deals. Transactions in the shares of Access Holdings topped the activity chart with 139.287 million shares valued at N1.465 billion.
FBN Holdings followed with 100.752 million shares worth N1.207 billion, while FCMB Group traded 80.176 million shares valued at N326.461 million.
United Bank for Africa (UBA) traded 42.938 million shares valued at N343.9 million, while Zenith Bank transacted 24.481 million shares worth N593.84 million.
