Stanbic IBTC, Cadbury, Nestle Dip As Bearish NGX Drops N281.2bn
The recent profit-taking occasioned by self-offs in highly capitalized stocks persisted Thursday leading to N281.2 billion dip on the Nigerian Exchange Limited (NGX).
The sell-offs in major equity firms dragged the All-Share Index down by 1.04 per cent or 521.41 index points to keep the ASI at 49,667.14 basis points from the 50,188.55 basis points recorded the previous day.
Also, the market capitalization of all listed stocks on the domestic bourse depreciated by N281.2 billion, representing a decline of 1.04 per cent to settle at N26.78 trillion down from N27.06 trillion it closes on Wednesday.
The fall of the market was buoyed by the drop in value of highly capitalized stocks like Stanbic IBTC Plc, Cadbury Nigeria Plc, Nestle Plc and AXA Mansard Insurance Plc.
The market turnover dipped by 75.1 per cent as investors transacted
206.22 million shares worth N3.92 billion in 5,053 deals unlike when a total of 829.51 million units of shares valued at N4.11 billion in 4,977 deals were traded the previous trading session.
The steep decline of the NGX was reflected in the market breadth which closed negative with 28 losing stocks compared to ten gainers.
The gainers’ table was led in percentage terms by UPDC Credit Plc, as the company rose 9.23 per cent to close at N3.55 kobo per share.
RTBriscoe Plc gained 8.57 per cent to close at N0. 38 kobo per share, while Chams Plc appreciated by 8.33 per cent to settle at N0.26 kobo per share.
Similarly, Custodian Capital Plc and Livestock Feeds Plc jumped 7.94 per cent and 4.35 per cent to close at N6.80 kobo and N1.20 kobo per share respectively.
On the flip side, Lasaco Insurance Plc dominated the losers’ chart in percentage parameter, ss the underwriter dipped 10 per cent to close at N0. 90 kobo per share.
Stanbic IBTC Plc fell by 9.98 per cent to settle at N28.40 kobo per share, while Cadbury Nigeria Plc lost N15. 40 kobo per share.
In the same vein, Nestle Plc and AXA Mansard Insurance Plc declined by 9.84 per cent and 9.47 oee cent to settle at N1262.30 kobo and N1.17 kobo per share respectively.
Analysis of the market activity chart reveals that Transnational Corporation Plc was the most active stock, trading 38.53 million shares worth N39.01 million , while Zenith Bank Plc transacted a total of 16.93 Million units of shares valued at N333.74 million.
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