NGX begins September with ₦19bn loss

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By Gideon Adonai

The Nigerian equities market sustained bearish trend on Wednesday to open trading for September with a loss of ₦19 billion.

Specifically, the market capitalisation shed ₦19 billion or 0.09 per cent to close at ₦/₦20.415 trillion compared with ₦20.434 trillion recorded on Tuesday.

Also, the All-Share Index which opened at 39,218.61 inched lower by 34.43 points or 0.09 per cent to close at 39,184.18.

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The negative sentiment was driven by investors’ sell-off in Nigerian Breweries and 16 others.

The market negative performance was driven by price depreciation in large and medium capitalised stocks amongst which are Nigerian Breweries, UACN, Honeywell Flour Mills, Morison Industries and Dangote Sugar Refinery.

Consequently, the market breadth closed negative with 17 losers as against nine gainers.

FTN Cocoa Processors led the losers’ chart in percentage terms by 8.77 per cent to close at 52k per share.

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On the other hand, AIICO Insurance dominated the gainers’ chart in percentage terms of 4.04 per cent to close at ₦1.03 per share.

Custodian Investment trailed by 3.15 per cent to close at ₦6.55, while Fidson Healthcare went up by 2.80 per cent to close at ₦6.25 per share.

Fidelity Bank rose by 2.55 per cent to close at ₦2.41, while Livestock Feeds gained 0.95 per cent to close at N2.13 per share.

Transcorp topped the activity chart with 28.54 million shares valued at ₦25.76 million.

Zenith Bank followed with 16.59 million shares worth N398.19 million, while Honeywell Flour Mills traded 13.23 million shares valued at ₦54.95 million.

United Capital sold 12.79 million shares worth ₦91.39 million, while Mutual Benefits Assurance transacted 8.32 million shares worth N2.52 million.

In all, the total volume of transacted declined by 60.23 per cent to 169.29 million shares valued at ₦1.42 billion exchanged in 3,449 deals.

This was in contrast with a total of 425.66 million shares worth ₦1.97 billion achieved in 4,556 deals on Tuesday.

(NAN)