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| [18-Jan-2022] NGX reopens bearish as losses in 22 stocks drag indices by N29bn |
| The Nigerian Exchange Limited (NGX) resumed trading for the week on a downturn yesterday, as losses in 22 stocks dragged market capitalisation by N29 billion. Specifically, the All-Share Index declined by 55.01 per cent, representing a decrease of 0.12 per cent, to close at 44,399.66 points. Similarly, the market capitalisation shed N29 billion to close at N23.922 trillion. The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are; BUA Foods, Nigerian Exchange Group (NGXGroup), International Breweries, Lafarge Africa and Fidson Healthcare. Analysts at Afrinvest Limited said, “We expect a rebound in the subsequent trading session as investors position ahead of full year 2021 earnings results.” Vetiva Dealings and Brokerage said: “As expected, the market started the week mixed with profit taking in the banking space, with stocks like GTCO seeing further price divergence from that of Zenith. “We anticipate another mixed trading day amid continued interest in names like TRANSCORP, whilst trades in the banking space boost market activity.” As measured by market breadth, market sentiment was negative as 22 stocks depreciated in price 16 others recorded price appreciation. On the price movement chart, Veritas Kapital Assurance led the losers’ chart with 8.70 per cent to close at 21 kobo, while Mutual Benefits Assurance followed with a decline of 7.41 per cent to close at 25 kobo. Cornerstone Insurance lost 7.27 per cent to close at 51 kobo. BUA Foods declined 6.36 per cent to close at N61.80 kobo. Courteville Business Solutions shed 5.41 per cent to close at 35 kobo. The Initiates Plc (TIP) recorded the highest price gain of 10 per cent to close at 44 kobo. SUNU Assurance followed with a gain of 9.68 per cent to close at 34 kobo, while Eterna rose by 6.95 per cent to close at N6.00. Wapic Insurance up by 6.25 per cent to close at 51 kobo, while Consolidated Hallmark Insurance also appreciated by 4.48 per cent to close at 70 kobo. The total volume of trades decreased by 47.2 per cent to 214.315 million units, valued at N2.689 billion, and exchanged in 4,410 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 39.347 million shares valued at N43.050 million. FBN Holdings (FBNH) followed with 25.496 million shares worth N305.974 million, while Guaranty Trust Holding Company (GTCO) traded 24.812 million shares valued at N625.088 million. Zenith Bank traded 20.918 million shares valued at N532.963 million, while Fidelity Bank transacted 10.356 million shares worth N27.224 million. Source:© Copyright The Guardian Online |
| [2022-01-18] NGX reopens bearish as losses in 22 stocks drag indices by N29bn |