The Nigerian Exchange Limited (NGX) extended losses to four consecutive sessions yesterday, as a sell-off in Nigerian Breweries (NB) and 25 other stocks dragged the All-Share Index further by 0.3 per cent.
In summary, the All-Share Index (ASI) declined by 158.37 absolute points, representing a decrease of 0.3 per cent to close at 52,815.78 points.
Similarly, the overall market capitalisation value lost N85 billion to close at N28.474 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Airtel Africa, Zenith Bank, International Breweries and Champion Breweries.
GTI Securities Limited said, “Sell-off persists in the stock market as investors divert their investment interests to the fixed income market. We expect fixed income rates to continue to be appealing to investors in the near term.”
Analysts at Vetiva Dealings and Brokerage said: “We are likely to see similar trade pattern filter into tomorrow’s session amid slight improvement in sectoral performance given the negative activities that has been recorded across board.”
Market breadth closed negative as 26 stocks lost, while 13 others constituted the gainers’ chart. Ellah Lakes Plc recorded the highest price gain of 9.62 per cent to close at N3.42 kobo.
PZ Cussons Nigeria followed with 9.57 per cent gain to close at N12.60, while Sovereign Trust Insurance gained 8.33 per cent to close at 26 kobo.
Nigerian Aviation Handling Company (NAHCO) appreciated by 8.31 per cent to close at N7.82, while Aluminum Extrusion Industries gained 7.46 per cent to close at N7.20, per share.
On the other hand, Royal Exchange led the losers’ chart by 10 per cent to close at 90 kobo, per share. Global Spectrum Energy Services followed with a decline of 9.75 per cent to close at N2.50 kobo, while Champion Breweries shed 8.63 per cent to close at N3.60 kobo.
FCMB Group shed 6.57 per cent to close at N3.27, while International Breweries depreciated by 5.66 per cent to close at N7.50 kobo.
Meanwhile the total volume of trades fell by 7.08 per cent to 274.429 million units, valued at N4.028 billion, and exchanged in 5,011 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 74.658 million shares valued at N836.141 million.
Transnational Corporation of Nigeria (Transcorp) followed with 31.368 million shares worth N40.166 million.
Zenith Bank traded 26.916 million shares valued at N621.529 million.
Guaranty Trust Holding Company (GTCO) traded 17.802 million shares valued at N401.508 million, while United Bank for Africa (UBA) transacted 12.476 million shares worth N98.012 million.
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