UPL, NGX GROUP, others cause negative performance of equities market

By Philemon Adedeji

Trading activities in the equities market in yesterday trading session returned back to decline by N85 billion, Some stocks like UPL, NGX GROUP, and 17 others caused market to turn red due to inconsistent  bargain of market price in large and medium capitalised stocks.

In summary, the All-Share Index (ASI) diminished by 158.88 absolute points, reflecting a decrease of 0.30 per cent  to close transaction and 51,803.97 index points from 51,962.86 index points it closed trade on Tuesday.

However, Market capitalisation value dropped to N85 billion to close trade at N27.845 trillion from N28.013 trillion it closed trade on Tuesday.

Market sentiments as measured by market breadth close negative, as exchange printed 10 gainers against 19 that declined.

From the data presentation of Nigerian Exchange Limited (NGX), Sovereign Insurance was seen as the highest price gainer which gained 8 per cent or 0.02 kobo to close trade at N0.27 per share, as followed by Chams plc  and Regalins which appreciated by 0.01 kobo each increased to close trade at 4.17 per cent and 3.85 per cent respectively.

Ecobank  Transnational Incorporated went up by 3.29 per cent to close trade at N11 per share while Okomu oil that recorded as the last fifth gainer grew by 6.90 kobo representing 3.29 per cent to close trade at N216.90 per share

On the losers side, UPL recorded in yesterday trading as the highest price loser which dipped by 9.72 per cent to close trade at N0.28 per share, NGXGROUP diminished by 1.65 kobo to close trade at N22.95 per share while, Caverton depreciated by 4.76 per cent or 0.05 kobo to close trade at N1 per share.

Livestock down by 3.57 per cent to close trade at N1.35 per share and Fidelity Bank declined by 3.53 per cent or 0.12 kobo to close trade at N3.28 per share.

Volume of trade inched weight to 18.1 per cent as investors bought and sold 314,611,778 million units from 266,513,989 million units it closed yesterday valued by N12.845 billion exchanged in 4,708 deals.

Transaction in the share of Living Trust Mortgage Bank led the volume table with 100.000 million shares valued at N120.000 million and MTN sold 42.902 million shares worth N9.868 trillion, while First Bank holding of Nigeria accounted 19.835 million shares valued at N219.076 million.

United Bank of Africa transacted 16.834 million shares worth N119.985 million and Zenith Bank traded 16.088 million shares valued at N348.845 million.