Champions, International Brewerries, Ikeja Hotel Drag NGX To N28bn Dip
The losing trend of the Nigerian Exchange Limited (NGX) has persuaded as key market indices were in the red Thursday.
The NGX All-Share Index (ASI) dropped 51.24 index points or 0.10 per cent to settle at 51,339.01 basis points from 51,390.25 basis points.In the same losing trajectory, the market capitalization which is the aggregate value of all listed equities on the bourse fell by N28 billion, indicating a 0.10 per cent depreciation to close at N27.685 trillion from the N27.713 trillion recorded the previous day.
The sharp dip in the market was hugely impacted by the decline in the share price of large and medium scale companies. Amongst which are ; Champions Brewerries Plc, Ikeja Hotel Plc, International Brewerries Plc, Multiverse Plc and UPD Credit Plc.
The market turnover increased by 0.24 per cent as a total of 115,4 million shares valued at N1.21 billion in 3,731 deals exchanged hands amongst investors compared to 198.82 million units of shares worth N2.18 million in 4,769 deals transacted on the NGX the previous trading session.
Despite the huge decline of the NGX, the market breadth closed positive with ten losers and fifteen gainers as against 25 laggard equities and eleven advanced stocks on Wednesday.
The losers’ table was led in percentage parameters by Champions Brewerries Plc, as the brewing giant dipped 8.74 per cent to settle at N3.55 kobo per share.
Ikeja Hotel Plc closely followed, as the Hospitality firm lost 7.69 per cent to settle at N1. 20 kobo per scare, while International Brewerries Plc declined by 5.17 per cent to close at N5.50 kobo per share.
Multiverse Plc and UPD Credit Plc shed 4.76 per cent and 4.17 per cent to close at N1.80 kobo and N3.45 kobo per share respectively.
On the flip side, Academy Press Plc was the biggest gainer during Thursday’s trading session, as the company rose by 8.70 per cent to close at N2. 25 kobo per share.
Regency Assurance Plc gained 8 per cent to close at N0.27 kobo per share, while CWG plc jumped by 7.95 per cent to settle at N0. 95 kobo per share.
Also, Cutix Plc and NAHCO Plc appreciated by 7 .27 per cent and 5 per cent to close at N2. 36 kobo and N8.40 kobo per share respectively.
Analysis of the NGX market activity chart reveals that Transnational Corporation plc was the most active stock in volume parameters, trading an aggregate of 12.18 million shares worth N15.1 million, while Zenith Bank Plc closed trading as the most valuable brand, transacting a total of 6.58 million units of shares valued at N148.27 million.
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