Stock market closes negative as investors lose N33bn


By Philemon Adedeji

Investors on the stock market on the Nigerian Exchange Limited (NGX) yesterday lose N33 billion due to Selloffs of industrial giant, which are Dangote Cement (-0.71 per cent) as well as losses in Zenith Bank  (-0.40 per cent) and Access  Corporation (-0.54 per cent) offset demand for MTNN (+0.79 per cent) and Guaranty Trust Holding Company (+0.60 per cent), driving the weak performance.

Absolutely, the Nigerian Exchange Limited (NGX) All-Share Index (ASI)  shed 67.98 absolute points or 0.13 per cent to close at 54,299.76 Index points from 54,367.74 index points it closed on Monday.

Consequently, the ASI’s year-to-date (YTD) return decreased to 5.95 per cent while the market capitalization lost N33.50 billion to close at N29.58 trillion.

The downturn was impacted by losses recorded in medium and large capitalized stocks which are MTNN, Dangote Cement, Japaulgold and others.

The breakdown of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 58.84 per cent.

The trade volume increased by 4.4 per cent to 200.04 million shares worth N7.62 billion were exchanged in 4,380 deals.

First City Monument Bank (FCMB) led the volume chart with 27.98 million units traded while Geregu Power led the value chart in deals worth N4.18 billion.

The Market sentiments as measured by market breadth closed negative as Japaulk Gold topped 24 others on the laggard’s log, while Conoil  led 16 others on the leader’s table.

On the performance board, Conoil oil and MRS oil topped the gainers list with appreciation of 10.00 per cent and 9.82 per cent each as their respective share price appreciated by N29.15 and N21.25 per share respectively.

International Energy Insurance which recorded as the last third gainer rose marginally by 9.35 per cent increased to close at N1.17 per share.

Glaxosmith rose by 6.92 per cent, Wapic Insurance which recorded as the last fifth gainer went up by 4.65 per cent to close at N0.45 per share.

However, on the Laggards log Japaulgold emerged as the highest price loser dipped by 9.38 per share to close at N0. 29 per share, First City Monument Bank (FCMB) which followed depreciated by 7.82 per cent to close at N4.60 per share, while Royalex Exchange Lost 7.32 per cent to close at N0. 76 per cent

UACN and Linkages Assurance went down by 6.12 per cent each to close at N9.20 and N0.46 respectively.

Transaction in the shares of First City Monument Bank (FCMB) topped the activities chart with 27.983 million shares worth N130.017 million, Closely followed by Geregu Power which traded 21.129 million shares worth N4.175 million, while Sterling Bank transacted 18.837 million shares value at N28.931 million.

Transcorp Plc traded 15.767 million shares worth N21.163 million, Zenith Bank transacted 14.670 million shares valued at N366.988 million.