NGX Index records first loss in year 2023, down 1.53%

By Philemon Adedeji

Bearish sentiments persisted yesterday on the Nigerian Exchange Limited (NGX), ending its thirteen-day winning streak. Selloff in index heavyweight Airtel Africa (-8.26 per cent) was the major drag on the overall market.

The Nigerian Exchange Limited (NGX), All-Share Index (ASI) shed 789.04 basis points or 1.53 per cent to close at 50,868.52 index points from 51,657.56 index points it closed for previous trading.

Respectively, the year-to-date (YTD) return fell to -0.75 per cent, while market capitalisation value dipped by N430 billion to close at N27.706 trillion from N28.136 trillion it closed trade on Wednesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks which are Prestige Assurance, Airtel Africa, and others.

Yesterday, trading activities at the Nigerian Exchange Limited (NGX) was not impressive as analysis showed trade turnover which settled lower relative to the previous session, with the value of transactions down by 86.49 per cent

Trade volume declined by 47.8 per cent to close at 138,716,449 million shares worth N1.828 billion were exchanged in 3,673 deals.

Sterling Bank led the volume chart with 29.154 million shares traded, while Guaranty Trust Holding Company led the value chart in deals worth N477.77 million.

The Market sentiments as measured by market breadth closed positive as Johnholts led 17 gainers on the advancers table while Airtel Africa topped 12 losers on the laggard’s log.

On the advancers’ table, Johnholts emerged as the highest price gainer with 10 per cent increase to close at N0.88 per share, Honey Flour which followed appreciated by 9.95 per cent to close at N2.45 per share, while Computer Warehouse Group which recorded as the last third gainer grew significantly by 9.78 per cent to close at N1.01 per share.

UACN rose from N10.25 to N10.75, up by 4.88 per cent, while Nigerian Breweries which recorded as the last fifth gainer grew from N45.10 to N47.00, up by 4.21 per cent.

However, Prestige Assurance led the losers chart with 8.70 per cent to close at N0.42 per share, Airtel Africa which followed lost 8.26 per cent to close at N1500 per share, while UPL which recorded as the last third loser dipped by 7.37 per cent to close at N1.78 per share.

Nigerian Police Force Microfinance Bank which recorded as the last fourth loser depreciated by 7.10 per cent to close at N1.57 per share.

Royalex Exchange which recorded as the last fifth loser dropped by 6.30 per cent to close at N1.03 per share.

Transaction in the shares of Sterling Bank topped the activities chart with 29.154 million shares worth N41.014 million, Guaranty Trust Holding Company which followed transacted 19.945 million shares valued at N477.768 million, while Access Corporation traded 11.347 million shares worth N99.855 million.

First Bank Holding of Nigeria sold 10.993 million shares worth N120.967 million.

Zenith Bank accounted 6.245 million shares worth at N152.138 million.