NGX Index Slips into 38,000-point Region as Bears Tighten Grip

May 20, 2021
NSE All-Share Index

By Dipo Olowookere

The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited slipped into the 38,000-point region on Wednesday, May 19, 2021, four weeks after it moved out of the threshold to the 39,000-point territory.

The slip yesterday was caused by a heavy selloff, which depleted the market by 1.48 per cent. This made the index reduce by 577.43 points to 38,445.09 points from 39,022.52 points.

Also, the decision of the bears to tighten their grip on the market caused the value of stocks at the exchange to decrease by N301 billion to N20.039 trillion from N20.340 trillion.

Business Post observed that the gains recorded in the energy and industrial goods sectors by 7.11 per cent and 0.85 per cent respectively could not save the market at the midweek trading session.

This was because the decline suffered by banking, insurance and consumer goods counters by 0.62 per cent, 0.61 per cent and 0.32 per cent respectively weighed on the market.

At the close of business, there were 25 price risers and 23 price decliners, with Airtel Africa and C&I Leasing losing 10.00 per cent each to close at N837.00 and N4.50 apiece.

BOC Gases lost 9.96 per cent to close at N11.03, Royal Exchange declined by 9.64 per cent to trade at 75 kobo, while Northern Nigerian Flour Mills went down by 8.94 per cent to N5.60.

On the gainers’ chart, MRS Oil and Seplat appreciated yesterday 10.00 per cent each to N12.10 and N682.00 respectively.

Sterling Bank gained 9.74 per cent to sell for N1.69, Japaul appreciated by 9.62 per cent to trade at 57 kobo, while Regency Alliance Insurance grew by 8.82 per cent to 37 kobo.

Yesterday, the trading value increased by 32.93 per cent to N2.5 billion from N1.9 billion, while the trading volume went down by 24.92 per cent to 153.6 million shares from 204.6 million shares, with the number of deals declining by 11.32 per cent to 3,494 deals from 3,940 deals.

UAC Nigeria closed the session as the most active stock with the sale of 10.0 million units worth N103.4 million, followed by Zenith Bank with 9.6 million shares worth N222.9 million.

Fidelity Bank exchanged 8.8 million equities for N19.8 million, Transcorp transacted 8.7 million stocks valued at N7.8 million, while Access Bank traded 7.7 million shares for N63.6 million.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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