The bear market returned to the Nigerian Exchange Limited’s (NGX) equity market as 26 stocks and Geregu’s steep price declines combined to reduce market value by N5 billion.
The market value of listed securities dropped by N5 billion, or 0.1%, to N34.716 trillion yesterday from N34.721 trillion reported the day before. The performance of quoted firms is also measured by the NGX All Share Index, which declined by 9.49 basis points to 63757.23 points from 63766.72 points the day before.
Investors traded 473.492 million shares for N10.081 billion in 7403 deals as opposed to 868.802 million shares worth N42.806 billion in 8970 deals, resulting in a 335.310 million decrease in the total number of shares traded.
Losses in major and medium capitalized stocks, including Geregu, Flourmills, United Bank for Africa, Zenith Bank, NGX Group, Lafarge WAPCO, and Sterling Bank, had an impact on the downturn.
Vertiva Dealings and Brokerage analysts stated: “While anticipating half-year results, we expect mixed trading in the market, as investors decide which of the sectors to bet on.”
On the price movement chart, Honey Well Flour Mills, which added 10% to close at N3.63 kobo, led the gainers. Eterna Plc, which gained 9.98% to close at N28.65 kobo, was next. Academy Press increased by 9.95% to end at N2.21 kobo.
RTBriscoe increased by 9.80% to close at 56 kobo, while Skyways Aviation Handling increased by 9.83% to close at N16.20 kobo. John Holt closed with N2.39 kobo with 9.63% of the vote.
The price of EllaLakes increased by 9.55 percent to N3.90 kobo at the close. To settle at N6.30 kobo, Union Bank gained 9.55 percent. In order to close at N6, May&Baker saw a rise of 9.49%. Additionally increasing by 8% to close at N19.40 kobo was PZ Cussons.
Prestige insurance and Geregu Power, on the other hand, suffered the worst losses, falling by 10% apiece to end at 45 and N315 respectively, while FTNCocaa follows with a 9.61% dip to settle at N2.07 kobo.
Jaiz Bank lost 9.04 percent to settle at N1.71 kobo, and Linkage Insurance fell 9.09 percent to close at 70 kobo. Chams lost 9.01 percent of its value to end the day at N1.01 kobo. Guinea Insurance decreased 8% to finish at 23 kobo. Unity Bank closed at N1.48 kobo after losing 7.50%. Additionally down 6.22% to close at N3.47 kobo was Sterling Bank.
Market activity for the day was driven by trades in the shares of Japaul Gold, which had 77.983 million shares valued at N64.586 million. FCMB Group came in second with 36.622 million shares costing N221.830 million.
Dangote Sugar sold a total of 30.704 million shares for N845.901 million, while Fidelity Bank exchanged 22.283 million shares for N160.859 million. Sterling Bank traded 31.239 million shares for N109.046 million.
