NGX ASI drops 0.12%, losing N37bn amid selloffs


By Philemon Adedeji

Equities market on the Nigerian Exchange Limited (NGX) closed on a bearish sentiments continued to dominate the domestic bourse primarily driven by selloffs in industrial giant, Dangote Cement  (-1.38 cement), alongside Stanbic IBTC(-3.02 per cent), and Nigerian Breweries (NB)(-1.80 per cent) offsetting gains in MTNN (+0.04 per cent), Zenith Bank (+0.18 per cent) and Guaranty Trust Holding Company (GTCO) (+0.36 per cent) which dragged capitalization to N37 billion.

The NGX All-Share Index (ASI) extended losses for a second consecutive session, falling by 0.12 per cent to close at 55,956.59 basis points.

Absolutely, the market remains on track for another weekly gain.

The ASI’s year-to-date (YTD) return fell to 9.18 per cent and the market capitalization shed N37.57 billion to close at N30.468 trillion.

The Market downturn performance was impacted by price depreciation in medium and large capitalized stocks which are: Dangote cement, Nigerian Breweries, Stanbic IBTC, Zenith Bank and others.

The breakdown of yesterday’s market activities revealed trade turnover closed higher relative to the previous session, with the value of transactions up by 17.52 per cent.

The trade volume increased to 531, 784,757 million shares valued at N7.68 billion were exchanged in 6,061 deals.

United Bank for Africa (UBA) (+4.19 per cent) led volume and value charts with 177.48 million units traded in deals worth N1.72 billion.

As measured by market breadth market breadth closed positive as 42 stocks dominated the gainers as against 13 stocks that dominated the losers.

On the gainers table, Etranzact International plc, Japaulgold, Prestige Assurance, NSL Tech and Sovereign Insurance all appreciated by 10.00 each increased to close at N4.84, N0.44, N0.44, N0.33, N0.44 per share respectively.

On the decliners log, Johnholt led as the best price loser which depreciated by 9.68 per cent to close at N1.40 per share, Caverton Offshore which followed went down by 7.14 per cent to close at N1.30 per share, while Wapic Insurance shed 6.52 per cent to close at N0.43 per share.

Glaxosmith which recorded as the last fourth loser dipped by 5.30 per cent to close at N7.15 per share, while Stanbic IBTC which recorded as the last fifth loser decreased by 3.20 per cent to close N45.00 per share.