NGX moves 225.69m shares worth N2.39bn in bearish trading

By Seun Ibiyemi

The Nigerian Exchange Ltd. on Friday moved a total of 225.69 million shares worth N2.39 billion in 4,093 deals.

This was against a turnover of 346.70 million shares valued at N3.83 billion exchanged in 4,952 deals on Thursday, a decrease of 34.90 per cent.

Fidelity Bank was the most active stock during the day, exchanging 24.85 million shares valued at N71.19 million.

RTBriscoe followed with an account of 23.62 million shares valued at N6.89 million, while Transcorp traded 16.39 million shares worth N18.53 million.

Chams sold 15.24 million shares valued at N3.05 million while Courtvellle Business Solutions traded 12.92 million shares worth N6.77 million.

Also, the market capitalisation was down by N27 billion or 0.10 per cent to close at N25.477 trillion from N25.504 trillion reported on Thursday.

In the same vein, the All-Share Index depreciated by 49.88 points or 0.10 per cent to close at 47,279.92 from 47,329.80 recorded on Thursday.

Presco topped the losers’ chart in percentage terms dropping by 10 per cent to N94.50 per share.

NEM Insurance trailed with loss of 9.76 per cent to close at N3.33, while International Breweries dipped 9.40 per cent to close at N5.30 per share.

UPL was down by 5.66 per cent to close at N2.50, while Chams shed 4.76 per cent to close at 20k per share.

Conversely, Scoa led the gainers’ table in percentage terms, gaining 9.65 per cent to close at N1.25 per share.

Living Trust Mortgage followed with 8.77 per cent to close at N1.24, while Jaiz Bank gained 5.97 per cent to close at 71k per share.

Champion Breweries added 4.76 per cent to close at N2.20, while Guinea Insurance gained 4.76 per cent to close at 22k per share.

However, analysts urged investors to take position in only fundamentally justified stocks as the weak macro environment remained a significant headwind for corporate earnings.