Cutix Shares Rise 10% as NGX Index Posts Slow Growth

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited recorded a slow growth on Wednesday as the market breadth remained negative with 19 price losers and 16 price gainers.

However, Cutix shares moved higher with double-digit growth as it appreciated by 10.00 per cent to top the gainers’ chart at the midweek session to settle at N5.50.

Veritas Kapital gained 8.70 per cent to finish at 25 kobo, Tripple Gee rose by 7.78 per cent to 97 kobo, Presco appreciated by 3.71 per cent to N72.60, while NAHCO improved by 2.44 per cent to sell at N2.52.

At the other end, Sovereign Trust Insurance closed on top of the losers’ chart after its share price went down by 7.14 per cent to trade at 26 kobo.

Regency Assurance depreciated by 6.67 per cent to 42 kobo, Unity Bank dropped 5.00 per cent to 57 kobo, Jaiz Bank declined by 4.84 per cent to 59 kobo, while Caverton decreased by 4.26 per cent to N1.80.

At the close of transactions, the sectorial performance was mixed with more of the losses as the energy index dropped 0.63 per cent, the insurance sector lost 0.18 per cent and the consumer goods counter declined by 0.04 per cent, while the banking and industrial goods sectors appreciated by 0.56 per cent and 0.04 per cent respectively.

As for the All-Share Index (ASI), it slightly went up by 0.03 per cent or 9.84 points as it ended at 38,927.83 points in contrast to 38,917.99 points it finished on Tuesday.

On its part, the market capitalisation of the exchange also slightly increased by 0.03 per cent or N5 billion to settle at N20.282 trillion compared with N20.277 trillion of the preceding day.

Sterling Bank closed the trading session as the most traded stock as it transacted 51.8 million units valued at N78.8 million, according to data obtained by Business Post.

Transcorp sold 19.3 million shares worth N18.2 million, UBA transacted 17.2 million stocks valued at N129.8 million, Wema Bank exchanged 11.2 million equities worth N10.0 million, while AIICO traded 9.5 million shares for N8.9 million.

In all, a total of 206.3 million shares worth N1.1 billion exchanged hands in 3,435 deals on Wednesday compared with the 231.5 million shares worth N2.1 billion transacted in 4,651 deals on Tuesday, signifying a decline in the trading volume, value and number of deals yesterday by 10.87 per cent, 49.84 per cent and 26.14 per cent respectively.