Stock Market Drops N83.22bn On Champions Breweries, GSK, Lafarge, Others’ Dip
Investors’ positive sentiments that characterised the equities market last week were halted on Monday as the Nigerian Exchange Limited (NGX) resumed trading for the week bearish.
Last week’s trading session closed with an appreciation of N1.17 trillion following. the NGX All-Share Index and market capitalization growth of 4.25 per cent, representing 53,098.46 basis points (bps) and N28.63 trillion respectively.
On resumption this week, however, the All-Share Index (ASI) dropped 154.37 index points or 0.29 per cent to close at 52,944.09 basis points down from 53,098.46 basis points.
Also, the market capitalization of all listed equities on the Nigerian Bourse lost N83.22 billion, representing a 0.29 per cent decline to settle at N28.54 trillion compared to N28.63 trillion recorded the previous trading session.
The loss of key market indices was triggered by depreciation in the shares of large companies. Amongst them are; Champions Breweries Plc, GlaxoSmithKline Plc, International Breweries Plc, Neimeth Pharmaceuticals Plc and Lafarge Africa Plc.
The market turnover rose 23.3 per cent as investors bought and sold a total of 374.183 million shares worth N4.963 billion in 6,854 deals compared to 303.48 million shares valued at N3.574 billion in 7,019 deals transacted the previous trading session.
Despite the sharp decline of the value of the market, the market breadth however closed positive with 30 laggard equities compared to 28 gainers.
The laggards were led in percentage terms by Champions Breweries Plc, as the brewing firm lost 9.84 per cent to close at N3. 94 kobo per share.
GlaxoSmithKline Plc and International Breweries Plc fell by 9.49 per cent and 9.09 per cent to settle at N7.15 kobo and N8 per share respectively.
In the same vein, Neimeth Pharmaceuticals Plc shed 8.33 per cent to close at N1.7 6 kobo per share, while Lafarge Africa Plc declined! by 8.28 per cent to settle at N28.80 kobo per share.
Conversely, the gainers’ table was led in percentage parameters by McNichols Plc, gaining 9.70 per cent to close at N1.47 kobo per share.
Northern Nigeria Flour Mills Plc followed with a 9.55 per cent appreciation to settle at N10. 90 kobo per share, while Transnational Corporation Plc rose 8.55 per cent to close at N1.40 kobo per share.
Coronation Insurance Plc and Consolidated Hallmark Insurance Plc jumped by 7.14 per cent and 7.02 per cent to close at N0.45 kobo and N0. 61 kobo per share respectively.
Analysis of the NGX market activity chart shows that Transnational Corporation Plc was the most active stock in volume terms, as the hospitality firm traded a total of 88.58 million shares worth N118.99 million, while Access Holdings Plc closed as the most valuable equity, transacting 28.75 million shares valued at N278.56 million.
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