Sell-off in Geregu Power, 23 others draw capitalisation to N14bn
By Philemon Adedeji
The Nigerian equity market closed for the second day of the week on negative note, the market’s weak performance was primarily driven by selloffs in GEREGU Power (-6.38 per cent), WAPCO Insurance (-0.89 per cent) and DANGOTE SUGAR (-2.94 per cent).
Absolutely, the NGX All-Share Index (ASI) slipped by 27.06 basis points or 0.04 per cent to closed at 65,309.65 Index points from 65,336.71 Index points it closed trade yesterday.
As a result, the ASI’s year-to-date (YTD) return fell to 27.43 per cent while the market capitalisation lost N14.72 billion to close at N35.54 trillion
The market downturn performance was impacted by price depreciation in medium and large capitalised stocks which are, Geregu power NSLtech, Glaxosmith, Chellaram, Tip and 19 others
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 14.91 per cent.
The trade volume decreased by 4.9 per cent to 317, 808 ,2981million shares valued at N4.47 billion were exchanged in 6,376 deals.
ACCESS CORPORATION (+1.16 per cent) led volume and value charts with 49.36 million units in deals worth N861.16 million.
Market breadth as measured by market breadth closed negative, 29 stocks recorded on the gainers chart relative to 24 stocks that declined on laggards log.
Guinness Nigeria emerged as the highest gainer with 10.00 per cent to close at N60.50 per share, closely followed by 9.74 per cent to close at N10.70 per share, while Chellaram rose by 9.73 per cent to close at N3.72 per share.
Tip which recorded as the last fourth gainer grew by 9.72 per cent to close at N0.79 per share, while Univinsure which emerged as the last fifth gainer went up by 9.09 per cent to close at N0.24 per share.
On the other hand, NSLtech which led the league of losers went down by 10.00 per cent to close at N0.27 per share, NNFM which followed lost 9.89 per cent to close at N12.30 per share, while Johnholts suffered 9.52 per cent to close at N1.33 per share.
Tantalizer which recorded as the last fourth loser dipped by 8.33 per cent to close at N0.33 per share, while Mutual Benefit Assurance which recorded as the last fifth loser went down by 7.69 per cent to close at N0.48 per share.
Transaction in the shares of Access Corporation topped the activities chart with 49.355 million shares worth N861.161 million, Sterling bank followed with a volume of 43.823 million shares valued at N153.936 million, while Uninvinsure transacted 28.863 million shares valued at N6.897 million.
First City Monument Bank traded 18.125 million shares worth N112.162 million
First Bank Holdings transacted 14.301 million shares worth N261.734 million.
