Champion, Cornest, others halt positive performance of equities market

By Philemon Adedeji

Equities market on the Nigerian Exchange Limited (NGX) which  has been maintaining upward trajectory since the close of trade last week Friday turn red yesterday by the following stocks, Champion breweries, Cornest,Etranzact and others, the cause of the negative performance is due to down turn in large and medium capitalized in the stocks mentioned.

Remarkably, the Nigerian Exchange Limited (NGX) All Share-Indec (ASI) declined by 76.9 basis points representing 0.14 per cent to close trade at 53,193.98 index points from 53,270.88 index points it closed trade for previous trading day.

The market capitalisation valued dropped to N58 billion from N99 billion it closed trade on Tuesday to N28.677 trillion it closed yesterday from N28.619 trillion it closed trade on Tuesday.

Volume of traded stock on Wednesday increased just a bit to 6.1 per cent in which investors bought and sold 248.958 million shares from 234.624 million shares it closed trade on the previous trading day valued by N1.861 billion and exchanged in 4,265 deals.

MIDWEEK NGX ASI BEST ADVANCERS

Caverton closed trade as the best price gainer with 0.08 kobo or 7.34 per cent increased to close trade at N1.17 per share, Followed by FTN cocoa which grew by 0.02 kobo or 5.88 per cent to end the day at N0.36 per share, while Transcorp closed as the third best gainer in the group at N1.30 per share which appreciated by 0.07 kobo or 5.69 per cent.

Cutix which recorded as the last fourth gainer end trade by N2.74 per share with gaine of 0.13 kobo or 4.98 per cent as Linkages Assurance went up by 0.02 kobo representing 3.70 per share increased to close trade at N0.56 per share

MIDWEEK NGX ASI WORST LOSERS

Champion breweries  came as the worst declines in yesterday trading  which depreciated by N3.50 per share, having a total drop of 0.38 kobo or 9.79 per cent, Cornest followed as the second worst loser which dipped by 9.69 per cent or 0.06 kobo to close trade at N0.56 per share.

Etranzact declined by N2.71 per share, following a decrease of 0.29 kobo to represent 9.67 per cent while Nem insurance which recorded as the fourth worst loser down by 8.33 per cent or 0.35 kobo to close trade at N3.85 per share as Japaulgold diminished by 0.02 kobo representing 6.25 per cent to close trade at N0.30 per share.

MIDWEEK NGX ASI BEST TRADED STOCK BY VOLUME

Transcorp topped as the highest traded stock measured by volume with 103.558 million shares valued at 141.251 million, Followed by Fidelity Bank which sold 24.809 million shares worth 80.206 million.

First bank holding of Nigeria transacted 12.517 million share worth 130.626 million.

Japaulgold as the fourth best traded stock recorded 10.348 million shares valued at 3.120 million, chams plc  end the top five highest traded stock with total transaction of 7.811 million shares valued at 1.877 million.

At the close of transaction yesterday, Transcorp recorded as the best traded stock in terms of both  volume and value.