Global Spectrum, Honey flour, others rank low performances at stock market

By Philemon Adedeji

Transactions on the Nigerian Exchange Limited (NGX), closed yesterday on negative performance for the second day of transaction of the week, as the key market indicator decreased by 34.08 basis points amid flat market breadth

The downturn performance was impacted by depreciation in price of large and small capitalised stocks, such as Global Spectrum Energy, Honey Flour and 15 others.

The Nigerian Exchange Limited (NGX), All-Share Index (ASI) dipped by 34.08 basis points or 0.07 per cent to close at 47,531.84 index points from 0.45 per cent gain recorded for the last trading day to close at 47,565.92 index points.

Absolutely, the market capitalization value lost N18.56 billion to close at N25.889 trillion.

The total traded volume appreciated by 23.5 per cent to close at N255.181 million units, worth N3 656 billion and exchanged in 3,797 deals.

Moreso, market sentiments as measured by market breadth closed negative as Redstarex leads 9 gainers, while Global Spectrum Energy leads 17 losers.

Sectoral performance was broadly negative as one (1) NGX sector index closed northward, twelve (12) closed southward while four (4) closed flat. The Oil and Gas index advanced by 0.35 per cent to top the gainers chart while the NGXMERIGRW Index dipped by 0.57 per cent to top the losers’ chart.

Thus, market breadth closed negative as the Market Breadth Index (MBI) is put at -0.11x.

Redstarex came as the overall best gainer after the close of trade yesterday with 8.49 per cent appreciation increased to close at N2.30 per share, followed by Maybaker which recorded as the second most gainer went up by 3.70 per cent increased to close at N4.20 per share, while Oando Plc grew significantly by 2.27 per cent to close at N4.50 per share.

Cornest rose by 1.85 per cent to close at N0.55 per share and Sterling Bank which recorded as the last fifth gainer inched weight by 1.31 per cent to close at N1.55 per share

However,  Global Spectrum Energy plc, recorded as the highest price loser with 9.82 per cent declined to close at N2.48 per share, followed by Honey Flour which recorded as the second best loser dipped by 9.77 per cent to close at N1.94 per share, while Livestock went down by 9.65 per cent to close at N1.03 per share.

Rt.Briscoe depreciated by 8.82 per cent to close at N0.31 per share and Chams Plc which recorded as the last fifth loser dropped by 7.14 per cent to close at N0.26 per share.

Transactions in the share of Mutual Benefit Assurance topped the activities chart with 41.924 million shares valued at N11.319 million, followed by   Guaranty Trust Holding Company which transacted 28.481 million shares worth N480.094 million, while Zenith Bank accounted 11.815 million shares valued at N228.856 million.

Courtville Business Solution traded 10.211 million shares worth N4.696 million and Dangote cement traded 8.428 million shares valued at N2.061 billion.

Mutual Benefit Assurance led the volume’s chart with 27.02 per cent contribution and closely followed by Guaranty Trust Holding Company and Zenith Bank.

Dangote Cement tops the value’s chart with 56.38 per cent contribution and closely followed by Airtel and GTCO.