The Nigerian Exchange Limited (NGX) commenced trading for the month of March on a negative note as the all-share index fell by 0.34 per cent, amid selloffs on NASCON Allied Industries Plc and 32 stocks.
The all-share index (ASI) shed 366.26 points, representing a gain of 0.34 per cent to close at 107,455.13 points. However, the market capitalisation rose by N95 billion or 0.14 per cent to close at N67.288 trillion, following the listing of additional 18.2 billion shares of Fidelity Bank at N17.20 kobo.
The decline was driven by price depreciation in large and medium capitalised stocks amongst which are; NASCON Allied Industries, Africa Prudential, United Capital, Nigerian Aviation Handling Company (NAHCO) and United Capital.
On market performance, Afrinvest Limited said: “We anticipate the bearish mood to be sustained as the market remains short of positive triggers.”
Analysts at Vetiva Dealings and Brokerage said: “The market is expected to remain cautious in the next session as investors digest today’s mixed performance. “Persistent weakness in banking stocks could keep sentiment subdued, while earnings-driven moves may drive volatility in select counters.”
The market breadth remained negative as 20 stocks gained relative to 33 losers. Learn Africa and Nigerian Exchange Group emerged the highest price gainer of 10 per cent each to close at N3.63 kobo and N33 respectively, while Champion Breweries followed with a gain of 9.90 per cent to close at N4.33 kobo.
ABC Transport rose by 9.86 per cent to close at N1.56 kobo, while Tantalizer appreciated by 9.47 per cent to close at N2.08 kobo.
On the other hand, Ikeja Hotel led others on the losers’ chart with 9.92 per cent to close at N10.90 kobo. United Capital followed with a decline of 9.91 per cent to close at N20 while Cutix declined by 9.84 per cent to close at N2.29 kobo.
Multiverse Mining and Exploration lost 9.74 per cent to close at N8.80 kobo, while Africa Prudential depreciated by 9.46 per cent to close at N32.05 kobo.
The total volume traded declined by 32.77 per cent to 308.809 million units, valued at N7.232 billion, and exchanged in 15,474 deals.
Transactions in the shares of Zenith Bank led the activity with 32.373 million shares worth N1.556 billion.
Fidelity Bank followed with an account of 19.730 million shares valued at N344.047 million, while Access Holdings traded 16.881 million shares valued at N430.846 million.
Nigerian Exchange Group traded 15.024 million shares worth N46.496 million, while Ellah Lakes traded 15.024 million shares worth N46.496 million.
