Market Shrinks Further, Drops N90.14bn

The bearish sentiment towards equities on the stock market continued on the floor of the Nigerian Exchange Limited (NGX) on resumption after the two-day Sallah break from trading.

The domestic bourse which closed Friday with a 0.08 per cent dip, resumed Wednesday, with the NGX All-Share Index (ASI) plunging further by 167.16 index points or 0.32 per cent to settle at 51,390.25 basis points from its last closing at 51,557.41 basis points.

Also, the market capitalization which measures the total value of listed equities on the Nigerian bourse declined by N90.14 billion, representing a 0.32 per cent fall to close at N27.713 trillion as against N27.803 trillion recorded on Friday.

The sharp dip of the NGX was reflected in the decline in the equity value of companies like; Multiverse Plc, Red Star Express Plc, Cutix Plc, Unity Bank Plc and Livestock Feeds Plc.

The market turnover rose by 72. 7 per cent as a total of 198.82 million units of shares worth N2,18 million in 4,769 deals were traded compared to the previous trading session when investors bought and sold 115,13 million shares valued at N1.77 billion in 3,479 deals.

The market breadth closed negative with 25 laggard Equities and eleven gainers.

The gainers’ chart was led in percentage parameters by CWG plc, as the company rose by 10 per cent to close at N0.88 kobo per share.

Caverton Plc gained 9.84 per cent to close at N1.34 kobo per share, while Academy Press Plc appreciated by 9.52 per cent to settle at N2 .07 kobo per share.

Similarly, RTBriscoe Plc and International Breweries Plc climbed by 8.82 per cent and 7.41 per cent to settle at N0.37 kobo and N5.80 kobo per share respectively.

Conversely, the losers’ chart was dominated in percentage terms by Multiverse Plc, losing 10 per cent to settle at N1. 89 kobo per share.

In the same vein, Red Star Express Plc and Cutix Plc fell by 9.82 per cent and 8.33 per cent to close at N2.48 kobo and N2.20 kobo per share respectively.

Unity Bank Plc recorded an 8.16 per cent decline to close at N0.45 kobo per share, while Livestock Feeds Plc shed 7.97 per cent to settle at N1.27 kobo per share.

A c sory looking at the NGX market activity chart shows kobo Guaranty Trust Holding Company (GTCO) Plc was the most active and valuable stock, as the lender transacted a total of 51.9 million shares valued at N1.06 billion.