NGX down by N29bn Over Negative Outing by 22 Stocks

The equities market of the Nigerian Exchange Limited (NGX) on Monday began this week trading activities on a bearish note with the overall market capitalisation value lost N29 billion to close at N23.922 trillion, due to negative outing by BUA Foods Plc and 21 other stocks.

Also, the All-Share Index (ASI) dropped by 55.01 per cent, representing a decrease of 0.12 per cent, to close at 44,399.66 points

The market 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.”

As measured by market breadth, market sentiment was negative as 22 stocks lost relative to 16 gainers. The Initiates Plc (TIP) recorded the highest price gain of 10 per cent to close at 44 kobo, per share. 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, per share.

Wapic Insurance up by 6.25 per cent to close at 51 kobo, while Consolidated Hallmark Insurance appreciated by 4.48 per cent to close at 70 kobo, per share. On the other hand, Veritas Kapital Assurance led the losers’ chart by 8.70 per cent to close at 21 kobo, per share. Mutual Benefits Assurance followed with a decline of 7.41 per cent to close at 25 kobo, while Cornerstone Insurance lost 7.27 per cent to close at 51 kobo, per share.

BUA Foods declined 6.36 per cent to close at N61.80, while Courteville Business Solutions shed 5.41 per cent to close at 35 kobo, per share.

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.