Geregu Bleeds As Investors Dump Equities At Discount
In what signals a preference for fixed income assets, investors dumped 8.5 million units of Geregu at -5.9 percentage discount or N8.40 price decline per unit in 39 deals valued ₦1.143 billion, the second consecutive day of significant losses in the valuation of the energy stock listed last year on the premium board of Nigerian Exchange.
On Tuesday, investors offloaded 23.84 million units of the highcap Geregu shares at -4.04 percent discount topping the volume and value charts of transactions with 23.84 million units traded in deals worth ₦3.20 billion..
The shares of MTN Nigeria, Cadbury Plc, NGX Group, and others were not spared from the selling pressure. A total of 2.3 million units of MTN were offloaded at -0.4 percent or ₦1.00 price loss per share, and 3.1 million units of Cadbury were also traded at a discount of -2.1 percent or 25kobo loss per unit.
Investors also offloaded 755,351 units of NGX Group at -2.8 percent discount. NGX has less than one billion shares on float. UBA also traded at -2.4 percent loss while the shares of ACCESSCORP were exchanged at -0.6 percent loss.
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Gains in the shares of Okomu Oil, Unilever, GTCO and StanbicIBTC could not offset huge losses by Geregu, MTN Nigeria, Cadbury, NGX Group, and others which dragged the benchmark index down 2basis points to 52,599.65 points.
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Consequently, the market year to date return weakened to 2.6 percent (previously: 2.7 percent) while market capitalisation fell ₦7.03 billion to ₦28.6 trillion after losing ₦24.59 billion yesterday (Tuesday).
Activity level dampened as volume and value traded fell 34.3 percent and 44.2 percent to 119.8 million units and ₦2.7 billion respectively.
Performance across sectors was mixed as 1 index gained, 3 lost while the Oil & Gas and Industrial Goods indices closed flat.
The Consumer Goods index emerged as the sole gainer, up 0.3 percent following bargain hunting activities in INTBREW (+5.4 percent), UNILEVER (+7.0 percent), and CHAMPION (+4.3 percent).
On the flip side, the Insurance and Banking indices fell 0.7 percent and 0.3 percent respectively due to selloffs in CORNEST (-6.9 percent), AIICO (-1.5 percent), and UBA (-2.4 percent). Also, losses in MTNN (-0.4 percent) dragged the AFR-ICT index lower by 0.2 percent.
A total of 21 stocks gained relative to 16 losers.
RTBRISCOE (+10.0%) and TRIPPLEG (+10.0%) topped the gainers’ list, while THOMASWY (-9.7%) and CORNERST (-6.9%) recorded the most significant losses of the day.
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