Dip In Ecobank, UAC, Transcorp Hotel Push Stock Market To N120.035bn Loss
A huge sell off in equities of major firms prompted a dip of the Nigerian Exchange Limited (NGX) and sustain the bearish trend on the Bourse on Thursday.
Consequently, the NGX All-Share Index (ASI) lost 222.65 index points or 0.48 per cent to close at 46,543.51 points down from 46,766.16 points.
Also, the market capitalization of all listed equities on the NGX depreciated N120.035 billion, representing 0.48 per cent to stand at N25.092 trillion, compared to N25.212 trillion recorded the previous trading session.
The huge decline of key market indices was triggered by losses experienced by large and medium scale firms. Amongst them are; Veritas Kapital Plc, UAC Nigeria Plc, Transcorp Hotel Plc, UPDC Credit Plc and Ecobank Transnational Incorporated (ETI) Plc.
The market turnover dipped 6.71 per cent, as investors bought and sold 244.04 million units of shares valued at N2.35 billion in 4,710 deals compared to a total of261.59 million units of shares N2.43 billion in 4,668 deals traded on the NGX on Wednesday.
Also, the market breadth returned positive with 21 stocks rising, while 14 equities declined against 18 losers and 16 gainers recorded on Wednesday.
The losers table was led in percentage parameters byVeritas Kapital Plc, as the Financial service firm declined 8.70 per cent to close at N0. 21 kobos per share.
Similarly, UAC Nigeria Plc dipped 7. 49 per cent to close at N10.50 kobo per share, while Transcorp Hotel Plc lost 6.78 per cent to close at N4. 95 kobo per share.
Also, UPDC Credit Plc and Ecobank Transnational Incorporated (ETI) Plc fell 2.94 per cent and 2.92 per cent to close at N3 30 kobo and N11.65 kobo per share respectively.
Conversely, the gainers” table was dominated in percentage terms by Conoil Plc, as the Oil and Gas company rose 9.89 per cent to close at N24. 45 kobo per share.
In the same vein, RTBriscoe Plc and Japaul Gold Plc gained 9.86 and 9.80 per cent and 9.68 per cent to close at N0.56 kobo and N0.34 kobo per share respectively.
Also, Meyer Plc appreciated by 9.57 per cent to close at N1.03, while Coronation Insurance Plc soared 9.09 per cent to close at N0. 36 kobo per share.
Analysis of the NGX market activity chart shows that Zenith Bank Plc closed the market as the most valuable firm, transacting a total of 23.29 million units of shares worth N531.58 million, while Fidelity Bank Plc closed trading as the most active stock in volume terms at 44.42 million shares valued at N155.62 million.
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