Sell-Off In NB, 13 Others Maintain Stock Market Bearish Momentum

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Equities trading at the Nigerian Exchange (NGX) Limited yesterday closed bearish. Mainly due to weak investors’ appetite for Nigerian Breweries and 13 other stocks. 

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The All Share Index (ASI) decreased by 113.48 absolute points, representing a dip of 0.24 per cent to close at 47,322.97 points. Similarly, the market capitalisation lost N61 billion  to close at N25.776 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Stanbic IBTC Holdings, Ecobank Transnational Incorporated (ETI), Union Bank of Nigeria (UBN) and Zenith Bank.Market breadth closed slightly negative, with 13 gainers versus 14 losers.

Chams recorded the highest price gain of 9.09 per cent to close at 24 kobo, per share. Wapic Insurance  followed with a gain 6.06 per cent to close at 35 kobo, while NPF Microfinance Bank rose 5.33 per cent to close at N1.58, per share.Jaiz Bank went up by 3.66 per cent to close at 85 kobo, while FCMB Group appreciated by 3.08 per cent to close at N3.35, per share.

On the other hand, Neimeth Pharmaceutical led the losers’ chart by 7.97 per cent to close at N1.27, per share, per share. Nigerian Breweries followed with a decline of 7.66 per cent each to close at N45.20, while Caverton Offshore Support Group lost 5.68 per cent to close at 83 kobo, per share. ETI lost 5.16 per cent to close at N10.10, while Union Bank of Nigeria (UBN) shed 4.58 per cent to close at N6.25, per share.

The total volume traded decreased by 56.69 per cent to 120.947 million units, valued at N1.648 billion, and exchanged in 3,022 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 34.590 million shares valued at N40.478 million.

Access Holdings followed with 11.170 million shares worth N94.915 billion, while Zenith Bank  traded 9.331 million shares valued at N202.528 million.FBN Holdings (FBNH) traded 8.732 million shares valued at N96.616 million, while Guaranty Trust Holding Company (GTCO) transacted 8.492 million shares worth N169.380 million.

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