The Nigerian Exchange Limited (NGX) saw a decline in trading yesterday as the sale
pressure in 20 stocks and the VFG Group caused the market capitalization to drop by
N22 billion.
In particular, yesterday’s closing of business saw a 38.49-point decrease in the All-Share
Index (ASI), or a 0.06 percent loss, ending at 66,876.92 points. Additionally, market
capitalization closed at N36.742 trillion after losing N22 billion.
Price declines in major and medium-sized capitalization companies, such as those of VFD
Group, Dangote Sugar Refinery, Guaranty Trust Holding Company (GTCO), University
Press, Oando, First City Monument Bank, and FTN Cocoa, were the primary cause of the
collapse.
United Capital Plc analysts stated: “We expect investors’ mixed sentiments in the equity
market to continue.”
As investors try to get in position ahead of the nine-month 2023
earnings season, we expect more gains in favorable sentiment. The general uptick in
positive attitude will continue to be hampered by the low-profit expectations.”
We anticipate a possible uptick in positive outlooks as investors strategically position
themselves ahead of the nine-month 2023 earnings season,” stated SCM Capital.
“We expect similar mixed sectoral performance, with trades in the banking sector boosting
activity level,” stated Vetiva Dealings and Brokerage.
A total of 23 companies increased in value and 21 stocks decreased, resulting in a positive closing
market breadth, which gauges investor mood.
Thomas Wyatt Nigeria closed at N3.99 kobo, the largest price gainer at 9.92 percent. Ikeja
Hotels gained 9.52 percent to close at N3.45, a share, while Academy Press gained 9.71
percent to conclude at N1.92.
Tantalizers saw a 6.90% increase to conclude at 31 kobo per share, while Chams saw a
7.38 percent increase to close at N1.60. Regency Insurance closed at 36 kobo, up 5.88
percent on the day. Guinea Insurance ended the day at 24 kobo, up 4.35%.
Champion Breweries saw a 4.29% rise and ended the day at N3.65 kobo.
Fundamental increased by 4.23% to end at N1.48 kobo. May-Baker closed at N5 after improving by 2.88
percent. UACN closed at N11.30 kobo, up 2.73 percent. Mansard had a 2.66 percent
increase as well, closing at N4.24 kobo.
Conversely, VFD Group closed at N242.40 kobo, leading others on the losers’ list with a
9.99 percent closing percentage. Following with a 9.68% decrease to close at 56 kobo,
University Press saw a 9.32% decline to close at N2.14 kobo. Omatek Ventures saw a 4.44
percent depreciation to close at 43 kobo, while Consolidated Hallmark Insurance saw a 5.22
percent fall to close at N1.09 kobo.
To end at 23 kobo, Universal Insurance lost 4.17 percent. Dangote Sugar Refinery closed at
N61 after depreciating by 3.94%. Veritas Kapital closed at 25 kobo after losing 3.85% of its
value. FTN Cocoa closed at N1.62 kobo after losing 3.57%. JapaulGold closed at 91 kobo,
down 2.15 percent. In addition, Unity Bank lost 2.11 percent, closing at 93 kobo.
With a total value of N4.388 billion and 314.619 million units traded in 6,133 agreements, the
volume of trade grew by 52.8%. With 47.151 million shares valued at N900.696 million,
transactions involving United Bank for Africa (UBA) shares accounted for the majority of the
activity. FCMB Group traded 29.054 million shares valued at N173.553 million, while Access
Holdings followed with an account of 40.348 million shares worth N666.866 million.
Transnational Corporation (Transcorp) traded 16.436 million shares worth N102.04 million,
while GTCO traded 27.304 million shares worth N959.246 million.
