Flour Mills, GSK, Others Trigger Equities Market’s N101.07bn Loss
For the second consecutive trading session, stocks have reversed on the Nigerian Exchange Limited (NGX) ensuring that key market indicators closed bearish.
The NGX All-Share Index index (ASI) closed 52,756.62 basis points down from 52,944.09 basis points, dropping 187.47 index points, representing a fall of 0.35 per cent.
In absolute terms, the market capitalization which collates the aggregate of all listed equities on the NGX decreased by N101.07 billion or 0.35 per cent to settle at N28.44 trillion compared to N28.54 trillion recorded on Monday.
The huge decline of the market was impacted by the drop in the value of large stocks like Flour Mills top, GlaxoSmithKline Plc, NPF Microfinance Bank Plc, Japaul Gold Plc and Champions Breweries Plc.
The market turnover increased by 253.8 per cent, as a total of 1.323 billion shares worth N7.724 billion in 6,449 deals were traded compared to when investors bought and sold a total of 374.183 million shares worth N4.963 billion in 6,854 deals the previous trading session.
The market breadth closed trading negative with 27 losers and 21 gainers compared to 30 laggard equities and 28 stocks advancing on Monday.
The gainers were led in percentage parameters by PZ Cussons Plc, as the consumer goods giant rose 9.96 per cent to close at N13.25 kobo per share.
Berger Paints Plc gained 9.72 per cent to close at N7. 90 kobo per share, while Northern Nigeria Flour Mills Plc appreciated by 9.63 per cent to settle at N11. 95 kobo per share. In the same vein, McNichols plc and Abbey Mortgage Bank Plc jumped 9.52 per cent and 9.49 per cent to close at N1.61 kobo and N1.50 kobo per share respectively.
On the flip side, Flour Mills Plc was the biggest loser in percentage terms on the NGX, with the millers declining by 9.20 per cent to close at N37 per share.
Also, as it was yesterday, GlaxoSmithKline Plc, closed trading negative, losing 8.39 per cent to close at N6.55 kobo per share, while NPF Micro Finance Bank Plc dipped 8.02 per cent to close at N1. 95 kobo per share.
Similarly, Japaul Gold Plc fell 6.25 per cent to settle at N0. 30 kobo per share, while Champions Breweries Plc – a brewing company that topped the laggards on Monday, shed 6.09 per cent to close at N3.70 kobo per share.
Analysis of the NGX market activity chart reveals that First City Monument Bank (FCMB) Pic closed as the most active and valuable stock as the lender traded a total of 77.50 million shares worth N2.95 billion.
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