NGX plunges by N706bn, amid selloffs in MTN

By Philemon Adedeji

At the Nigerian Exchange Limited (NGX) the bearish sentiment continued to dominate the local equities market as the NGX All-Share Index (ASI) succumbed to a second successive loss, falling by 1,297.99 basis points representing 2.03  per cent to close at 62,748.94 basis points from 64,046.93 basis points it closed for previous trading.

Specifically, selloffs in MTNN (-4.64 per cent), ZENITH BANK (-2.04 per cent), and GTCO (-5.56 per cent) dragged the overall market offsetting gains in BUACEMENT (+2.01 per cent), GEREGU POWER (+3.33 per cent), and DANGOTE SUGAR (+9.94 per cent).

Accordingly, the market is on track for the first week of loss in this quarter.  As a result, the year-to-date (YTD) return slipped to 22.43 per cent, while the market capitalization contracted by N706.77 billion to close at N34.17 trillion.

The breakdown  of yesterday’s market performance indicated  that trade turnover settled lower relative to the previous session, with the value of transactions down by 17.69 per cent.

The down tun performance was impacted by price depreciation in medium and large capitalized stocks which are, Omatek Venture, Stanbic ibtc, Zenith Bank, Wema bank, Fidelity bank and others

A total of 798.47 million shares valued at N10.45 billion were exchanged in 10,296 deals.

United Bank United (UBA) (-8.45 per cent) led the volume charts with  99.02m units while Guaraty Trust Holding Company (GTCO) (-5.56 per cent) led the value chart in deals worth N1.77 billion.

On the positive side, Johnholt emerged as the most price loser which depreciated by 10.00 per cent to close at N1.65 per share, followed by Dangote Sugar which appreciated by 9.94 per cent to close at N29.85 per share, while Nascon rose by 9.91 per cent increased to close at N25.50 per share.

Skyway Aviation which recorded as the last fourth gainer rose by 9.80 per cent to close at N13.45 per share, while Gold breweries which recorded as the last fifth gainer grew by 9.74 per cent to close at N2.93 per share.

On the negative side, Omatek Venture, Stanbic IBTC, Wema bank, Fidelity Bank, and Transcohot lost 10.00 per cent each to close at N0.54, N61.20, N4.50, N7.11, N35.55 per share respectively.

Transaction in the shares of United Bank for Africa led the activities chart with 99.015 million shares worth N1.331 billion, First Bank Holding which followed traded 72.688 million shares valued at N1.284 billion, while Transnational Corporation transacted 68.797 million shares valued at N280.804 million.

First City Monument Bank traded 67.892 million shares worth N415.893 million, while Guarany Trust Holding Company sold 51.243 million shares worth N1.770 billion.