Presco, Wema Bank Record Losses As NGX Dips N170bn
The Nigerian Exchange Limited (NGX) resumed the new week on a negative note as the bears took control of trading activities on Monday.
The market closed last week bullish with equities rallying to a 1.76 per cent gain on Friday. The ASI and market capitalization settled at 54,085.30 basis points N29.16 trillion respectively.
However, on resumption of trading on Monday, the All-Share Index (ASI) fell by 313.16 index points or 0.58 per cent to settle at 53,772.14 basis points down from the previous value of 54,085.30 basis points.
Also, the market capitalization which represents the total value of all listed equities on the exchange depreciated by N170 billion or 0.58 per cent to close at N28.99 trillion compared to N29.16 trillion reported on Friday.
The loss of the Nigerian bourse was evident in the decline recorded in the shares of large and medium scale companies including Presco Plc, University Press Plc, FTN Cocoa Plc, May and Baker Plc and Wema Bank Plc.
During Monday’s trading session, investors bought and sold a total of 27.564 billion shares worth N194,356 billion in 4,586 deals.
Despite the sharp fall of the NGX, the market breadth was positive with 25 gainers and 17 losers.
The gainers’ table was led in percentage terms by Trans- Nationwide Express Plc, gaining 9.86 per cent to close at N0. 78 kobo per share.
NPF Micro Finance Bank Plc, as a financial services firm company, rose 9.76 per cent to close at N1. 80 kobo per share, while UAC Nigeria Plc appreciated by 9.52 per cent to settle at N11.50 kobo per share.
Juiz Bank Plc and Livestock Feeds plc soared by 8.97 per cent and 6.67 per cent to close at N0. 85 kobo and N1.60 kobo per share respectively.
On the flip side, the losers’ table was led in percentage parameters by Presco plc, losing 10 per cent to close at N162 per share.
Similarly, University Press Plc, dipped 8.77 per cent to close at N2. 60 kobo per share, while FTN Cocoa Plc, shed 8.57 per cent to close at N0. 32 kobo per share.
May and Baker Plc and Wema Bank Plc lost 7.60 per cent and 6.85 per cent to settle at N4.01 kobo and N3.40 kobo per share respectively.
Analysis of the NGX activity chart shows that Union Bank of Nigeria Pic closed as the most valuable and active stock on the bourse as the lender traded a total of 27.337 billion shares worth N191.359 billion.
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