NGX: Equities market down by N26bn due to Tier-1 bank investors
By Philemon Adedeji
Trading activities on the Nigerian Exchange Limited (NGX) closed in red zone yesterday, the market’s weak performance was driven by losses recorded in Tier-1 banking investors which are, Zenith Bank (-2.05 per cent), Guaranty Trust Holding Company (GTCO) (-2.44 per cent), and ACCESS CORPORATION (-3.77 per cent). The loss puts the index on track for a weekly loss.
As a result, the ASI’s year-to-date (YTD) return fell to 1.78 per cent, while the market capitalisation shed N26.04 billion to close at N28.492 trillion from N28.428 trillion it closed for previous trading day.
Similarly, the NGX All Share Index (ASI) decreased by 47.82 basis points to represent 0.09 per cent lower to close at 52,161.24 absolute points from 52,209.06 absolute points it closed trade on Wednesday.
The downturn market performance was impacted by losses recorded in medium and large capitalised stocks which are: Access Corporation, First City Monument Bank, Guaranty Trust holding Company and 18 others.
The breakdown of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 12.04 per cent.
The total trade volume increased to 477.37 million shares valued at N5.24 billion were exchanged in 5,539 deals.
For the fifth consecutive session, ACCESS CORPORATION ( led volume and value charts with 169.32 million units traded in deals worth N1.74 billion.
The market sentiments as measured by market breadth closed negative as 22 stocks led the gainers on the advancers table versus 21 stocks that led the losers on the decliners table.
On the advancers chart, Ardova oil emerged as the highest price gainer which appreciated by 10.00 per cent increased to close by N24.20 per share, Multiverse and Mining Evaporation and NCR which followed went up by 9.87 per cent each to close at N4.12 and N2.56 per share respectively.
MRS Oil which recorded as the last fourth gainer rose up 9.84 per cent to close at N30.70 per share, while Transnational Corporation which recorded as the last fifth gainer grew by 9.77 per cent to close at N2.36 per share
On the decliners log, First City Monument Bank came as the most price loser which dipped by 5.66 per cent to close at N4.00 per share, closely followed by Access Corporation which suffered 3.77 per cent loss to close at N10.20 per share, while Sterling bank dipped by 3.53 per cent to close at N1.64 per share.
Neimeth Pharmaceutical Industry which recorded as the last fourth loser shed 3.33 per cent to close N1.45 per share, while Royalex Exchange depreciated by 3.26 per cent to close at N0.58 per share.
Transaction in the shares of Access Corporation topped the activities chart with 169.321 million shares worth N1.743 billion, followed by United Bank for Africa accounted 102.058 million shares valued at N819.273 million, while Fidelity Bank transacted 30.834 million shares worth N179.728 million.
Guaranty Trust Holding Company traded 30.388 million shares valued at N730.882 million.
Zenith Bank transacted 16.793 million shares worth N404.422 million.
