NGX Opens Week With 0.29% Loss Amid Sell-Offs

By Dipo Olowookere

The first trading session on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note on Monday, losing 0.29 per cent on the back of sell-offs by investors.

Though the consumer goods and banking sectors came under buying pressure, which made them rise by 1.06 per cent and 0.04 per cent respectively, the selling pressure in energy, insurance and industrial goods counters, which caused them to fall by 0.24 per cent, 0.16 per cent and 0.07 per cent respectively, caused the exchange to close lower yesterday.

At the close of business, the All-Share Index (ASI) dropped 139.02 points to settle at 47,063.28 points compared with 47,202.30 points of the preceding session, while the market capitalisation fell by N75 billion to close at N25.361 trillion in contrast to N25.436 trillion of the previous trading day.

The heaviest price loser for the day was Japaul as it dropped 7.69 per cent to trade at 36 kobo, Courteville depreciated by 7.27 per cent to close at 51 kobo, Custodian Investment declined by 5.70 per cent to finish at N7.45, NGX Group lost 5.66 per cent to sell for N25.00, while NPF Microfinance Bank went down by 5.45 per cent to N2.08.

On the flip side, the trio of Guinness Nigeria, NCR Nigeria and Learn Africa were the highest price gainers as their share prices rose by 10.00 per cent each to close at N66.55, N3.63 and N1.65 respectively as University Press gained 9.81 per cent to trade at N2.91, which Academy Press growing by 9.56 per cent to N1.49.

At the close of transactions, the market breadth was at equilibrium as there were 23 price gainers and 23 price losers.

A total of 338.0 million stocks worth N5.7 billion exchanged hands in 5,619 deals yesterday as against the 311.5 million stocks worth N4.4 billion transacted in 4,916 deals at the preceding session, indicating an increase in the trading volume, value and number of deals by 8.51 per cent, 29.41 per cent and 14.30 per cent respectively.

The most active stock on Monday was Fidelity Bank as it sold 35.8 million units valued at N104.9 million, Access Bank traded 33.9 million units worth N353.7 million, Transcorp transacted 32.9 million units for N38.5 million, Sterling Bank sold 24.5 million units for N41.9 million, while GTCO traded 23.2 million units valued at N613.4 million.