NGX reverses gains as capitalisation dips by N35 billion

Trading activities on the floor of Nigerian Exchange Limited (NGX) halted gains to close on a downturn yesterday, causing market capitalisation to decline by N35 billion. At the close of transactions yesterday, market capitalisation of listed equities declined by 0.06 per cent to N56.469 trillion from N56.504 trillion reported the previous day.

The All Share Index also went down by 62.98 basis points to 99845.91 points against 99908.89 points traded on Wednesday. A breakdown of activities showed that Guinness Nigeria Plc led gainers table with 10 per cent to close at N55. Neimeth international Pharmaceutical followed with a gain of 9.76 per cent to close at N1.80 kobo, Morison gained 9.73 per cent to close at N3.72 kobo. International General Insurance added 9.30 per cent to close at N1.41 kobo. Regal Insurance also increased by 8.33 per cent to close at 39 kobo.

On the contrary, United Capital topped the losers chart, dropping by 9.73 per cent to close at N18.10 kobo, Conhall Plc trailed with a drop of 9.70 per cent to close at N1.21 kobo, CWG down by 9.52 per cent to close at N5.70 kobo, Chams Plc fell by 9.14 per cent to close at N1.69 kobo, SUNU Assurance shed 8.20 per cent to close at N1.

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “WTD loss currently at 2.41 per cent, with the banking sector accounting for majority of this week’s bearish performance. We expect another negative weekly close, amid slow recovery.”

Investdata Consulting Limited, said: “Therefore, investors should target companies with consistent track records of dividend payment, strong fundamentals and growth prospects that will support further growth in earnings, which price feeds on in any market cycle.”

Volume of transactions also dropped by 36.75 million, representing 11.39 per cent as investors traded 285.905 million shares valued at N5.542 billion in 7726 deals against 322.655 million shares worth N5.820 billion exchanged hands in 9074 deals.

Transactions in the shares of AccessCorp led market activities with 43.979 million shares valued at N766.170 million, GTCO Plc followed with account of 32.790 million shares worth N1.141 billion. United Bank for Africa traded 28.445 million shares cost N649.954 million, Transnational Corporation of Nigeria exchanged 22.007 million shares valued at N795.983 million.

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