Presco, UAC, NEM, Others Drag Stock Market To N36.90bn Loss
The new week opened with negative sentiment toward equities ss the Nigerian Exchange Limited (NGX) leading to the NGX’s All-Share Index (ASI) losing 68.45 index points or 0.13 per cent to close at 52,911.51 basis points down from its previous value at 52,979.96 basis points.
Significantly, the market capitalization of all listed equities on the Nigerian Bourse depreciated by N36.90 billion, indicating a 0.13 per cent decline to settle at N28.52 trillion compared to N28.56 trillion recorded on Friday.
The negative sentiment towards equities was seen in the dip in the value of large and medium scale companies including Presco Plc, Global Spectrum Energy Services Plc, Neimeth Pharmaceutical Plc, UAC Nigeria Plc and NEM Insurance Plc.
The market turnover decreased by 39.7 per cent, as a total of 263.338 million shares worth N3.549 billion in 4,856 deals were traded compared to 436.56 million units of shares valued at N3.222 billion in 4,716 deals transacted on Friday.
The decline of the NGX also saw the market breadth close negative with 24 laggards and 22 gainers.
The gainers’ chart was led in percentage terms by Conoil Plc, as the Oil and Gas firm rose 9.95 per cent to close at N34.25 kobo per share.
MRS Plc, closely followed with a 9.93 per cent gain to close at N14.95 kobo per share, while McNichols Plc appreciated by 9.86 per cent to close at N2. 34 kobo per share.
In the same vein, Academy Press Plc and NPF Micro Finance Bank Plc soared by 9.76 per cent and 8.02 per cent to close at N1.35 kobo and N2. 02 kobo per share respectively.
Conversely, the laggards were dominated in percentage terms by Presco Plc, losing 10 per cent to close at N180 per share. Global Spectrum Energy Services Plc and Neimeth Pharmaceutical Plc dipped 9.97 per cent and 9. 66 per cent to close at N3.07 kobo and N1.59 kobo per share respectively.
Also, UAC Nigeria Plc fell by 8.33 per cent to close at N13. 20 kobo per share, while NEM Insurance Plc shed 7.74 per cent to settle at N4. 05 kobo per share.
Analysis of the NGX market activity chart shows that Jaiz Bank Plc closed trading as the most active stock in volume parameters, transacting a total of 114 million shares worth N101.75 million, while Guaranty Trust Holding Company (GTCO) was the most valuable equity, trading 12. 87 million valued at N302.84 million.
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