NGX halts gaining streak as market capitalisation shed N12.1bn

Nigerian equities market on Wednesday halt its three days’ gaining trend, as the overall market capitalisation value declined by N12 billion to close at N22.809 trillion.

Also, the All-Share Index declined by 0.05 per cent, due to the negative downturn which was buoyed by sells off sentiments in all sectors except the consumer goods sector.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Lafarge Africa, Nigerian Exchange Group (NGXGroup), Ardova, UAC of Nigeria (UACN) and Red Star Express.Analysis of the market performance showed that its breadth closed negative, recording 19 losers as against 18 gainers. Neimeth International Pharmaceuticals recorded the highest price gain of 10 per cent to close at N1.98, per share. Chams followed with a gain of 9.09 per cent to close at 24 kobo and Mutual Benefits Assurance went up eight per cent to close at 27 kobo, per share.

Honeywell Flour Mills up by 6.95 per cent to close at N3.54, while Caverton Offshore Support Group appreciated by 5.88 per cent to close at N1.80, per share. On the other hand, Red Star Express led the losers’ chart by 9.86 per cent to close at N3.29, while Pharma Deko followed with a decline of 9.83 per cent to close at N2.11, per share.

Associated Bus Company and FTN Cocoa processors shed 9.09 per cent each to close at 30 kobo and 40 kobo, while Consolidated Hallmark Insurance shed 8.33 per cent to close at 55 kobo, per share.

The total volume traded decreased by 3.6 per cent to 270.702 million units, valued at N5.627 billion, and exchanged in 3,861 deals.

Transactions in the shares of Flour Mills of Nigeria topped the activity chart with 50.595 million shares valued at N1.475 billion.

Transnational Corporation of Nigeria (Transcorp) followed with 38.920 million shares worth N39.249 million, while FBN Holdings (FBNH) traded 21.493 million shares valued at N243.681 million.

Ecobank Transnational Incorporated (ETI) traded 19.153 million shares valued at N164.498 million, while Guaranty Trust Holding Company (GTCO) transacted 14.574 million shares worth N402.952 million.