Transactions on the Nigerian Exchange Limited ( NGX) sustained sliding profile yesterday, as more bluechip stocks depreciated in price, resulting in a further slide in the all-share index (ASI) by 0.3 per cent.
At the close of trading, market capitalisation of listed equities depreciated by 0.3 per cent to N55.652 trillion from N55.836 trillion reported the previous day.
The ASI also declined by 334.62 basis points to 101707.7 points from 102042.32 points recorded the previous day as year to date return declined to 36.02 per cent.
The downturn upturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Guinness, PZ Cussons, Zenith Bank, Nigerian Breweries, United Bank for Africa, Lafarge, GTCO, FBN Holdings, Etranzact, CWG and Wema Bank.On the price movement chart, 24 stocks appreciated in price while 30 constituted the loser’s chart.
Analysts at Investdata Consulting Limited said: “We expect mixed sentiment to continue as investors target strong fundamentally sound companies with dividend expectation and growth prospect in the new financial year amidst volatility ahead of January CPI and upcoming policy meeting.
“As such, investors should take advantage of price correction also looking at the trends across the globe and domestically.” HoneyWell flourmills led gainers chart, adding 9.92 per cent to close at N4.32 kobo. Juli Pharmaceutical followed with a gain of 9.90 per cent to close at N1.11 kobo. Cornerstone gained 9.88 per cent to close at N2.67 kobo.
ABC Transport added 9.76 per cent to close at 90 kobo. Veritas Kapital also garnered 9.59 per cent to close at 80 kobo. On the contrary, PZ Cusson top the losers chart, shedding by 9.87 per cent to close at N25.10 kobo, Morrison trailed with a drop of 9.84 per cent to close at N2.75 kobo. ETranzact and CWG dipped by 9.70 per cent each to close at N6.05 kobo and N6.05 kobo respectively. Sovereign Trust Insurance also declined by 9.62 per cent to close at 47 kobo.
Volume of transactions declined by 20.76 million, representing 8.56 per cent as investors traded 263.192 million shares valued at N4.300 billion in 8614 deals against 242.432 million shares worth N5.123 billion exchanged hands the previous day in 8715 deals.
Veritas Kapital was the toast of investors during the day accounting for 47.074 million shares valued at N39.009 million, United Bank for Africa followed with account of 24.341 million shares worth N587.502 million. Fidelity Bank traded 20.075 million shares valued at N217.330 million.
Transnational Corporation of Nigeria exchanged 17.915 million shares cost N235.277 million while Zenith Bank sold a total of 16.018 million shares cost N578.151 million.
