Equities market returns back to negative by 0.02%
By Philemon Adedeji
Equities market on the Nigerian Exchange Limited (NGX), yesterday turned negative with a marginal loss of 0.02 per cent following the concluded Monetary Policy Committee (MPC) two-day policy meeting.
The benchmark interest rate (MPR) was hiked to 14.00 per cent; asymmetric corridor remained at +100/-700 bps around the MPR; the Cash Reserve Ratio (CRR) was held at 27.50 per cent; and the Liquidity Ratio was retained at 30.00 per cent.
From the data source of Nigerian Exchange Limited (NGX), the All- Share Index (ASI) depreciated by 11.06 basis points, representing a drop of 0.02 per cent to close at 52,308.88 index points. Similarly, the market capitalisation value lost N6 billion to close at N28.208 trillion from N28.214 trillion it closed on previous trading day.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), Unilever Nigeria, Union Bank of Nigeria (UBN), Multiverse Mining & Exploration and Academy Press and 12 others.
Analysts at GTI Securities Limited said “equity market records its first loss for the week, as investors begin cautious trading in reaction to recent inflation figures. We expect cautious trading to continue through the week.”
The market sentiments as measured by market breadth, closed equal as 16 gainers equals 16 losers.
On the gainers table, R.T. Briscoe Nigeria recorded the highest price gain of 10 per cent to close at 44 kobo, per share. GlaxoSmithKline Consumer Nigeria followed with a gain of 9.02 per cent to close at N6.65 per share, while Cornerstone Insurance appreciated by 6.45 per cent to close at 66 kobo per share.
Courteville Business Solutions which recorded as the fourth best gainer went up by 6.38 per cent to close at 50 kobo, while FTN Cocoa processors appreciated by 6.06 per cent to close at 35 kobo, per share.
On the other hand, Multiverse Mining and Exploration led the losers’ chart by 9.50 per cent to close at N1.62 per share. Japaul Gold and Ventures followed with a decline of 7.41 per cent to close at 25 kobo per share, while Academy Press went down by 7.00 per cent to close at N1.86 per share.
Caverton Offshore Support Group lost 6.57 per cent to close at N1.28 per share, while UACN Property Development Company (UPDC) shed 4.03 per cent to close at N1.19 per share.
The total volume traded increased by 76.9 per cent to 205.641 million units, valued at N2.787 billion, and exchanged in 4,127 deals.
Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 74.276 million shares valued at N556.835 million. As Access Holdings followed with 16.092 million shares worth N146.445 million, while AIICO Insurance traded 14.099 million shares valued at N8.895 million.
FBN Holdings traded 12.818 million shares valued at N140.498 million, while Guaranty Trust Holding Company (GTCO) transacted 8.883 million shares worth N190.492 million.
