Sell-offs in GTCO, others drag stocks market to N7bn


By Philemon Adedeji

Equities market on the Nigerian Exchange Limited (NGX), yesterday closed on a bearish sentiments amid sell-offs in Guaranty Trust Holding Company

(GTCO), Access Corporation and 12 others which dragged stock market to N7 billion.

The NGX All-Share Index (ASI) relapsed by 12.03 basis points representing 0.02 per cent to close at 54,924.08 Index points from 54,936.11 Index points it closed for previous trading day halting two days of successive rally on the local bourse.

The ASI’s year-to-date (YTD) return decreased to 7.17 per cent, while the market capitalisation value decreased by N7 billion to close at N29.920 trillion from N29. 927 billion it closed trade on Tuesday.

The downturn performance was impacted by losses recorded in medium and large capitalised stocks which are, NCR, Linkages Assurance, AxA Mansard, and others

At the close of trade yesterday, the breakdown of the market performance showed trade turnover closed higher relative to the previous session, with the value of transactions up by 5.13 per cent.

The trade volume decreased by 12.2 per cent to close at 117,850,276 million units valued N1.398 billion were exchanged in 2,575 deals.

Transnational Corporation led the volume chart with 23.40 million units while MTNN  led the value chart in deals worth N370.21 million.

The market sentiments as measured by market breadth closed negative as 14 stocks constituted the leaders log while 17 stocks constituted the laggards log

On the price movement table, Sunu Assurance led as the highest price gainer which grew significantly by 9.09 per cent to close at N0.48 per share, Transcohot which followed rose by 8.32 per cent to close at N6.90 per share, while Academy Press went up by 7.50 per cent to close at N1.29 per share.

Regalins Insurance which recorded as the last fourth gainer increased by 7.14 per cent to close at N0.30 per share, while Abctrans which recorded as the last fifth gainer appreciated by 5.71 per cent to close at N0.37 per share

On the other hand, NCR which came as the most price loser shed 9.96 per cent to close at N2.35 per share, Linkages Assurance which followed lost 8.70 per cent to close at N0.42 per share, while AXA Mansard insurance suffered 7.50 per cent loss to close at N1.85 per share.

Royalex Exchange which recorded as the last fourth loser went down by 4.17 per cent to close at N0.69 per share.

UPDC which recorded as the last fifth loser depreciated by 4.00 per cent to close at N0.96 per share.

Transaction in the shares of Transnational Corporation topped the activities chart with 23.396 million shares worth N31.479 million, Fidelity Bank which followed exchanged 16.951 million shares valued at N88.162 million, while First Bank Holding Company accounted 13.961 million shares worth N143.571 million.

Royalex Exchange transacted 9.183 million shares valued at N6.150 million, while United Bank of Africa traded 8.998 million shares worth N72.197 million.