Stocks Value Dip N15bn On Intense Sell Pressure
Stocks valuation of the Nigerian Exchange (NGX) Limited dropped by N15 billion on Tuesday following intense sell pressure in Geregu Power by investors taking a profit.
Consequently, market capitalisation which measures the value of traded equities closed lower at N35.540 trillion.
Similarly, the NGX benchmark All-Share Index (ASI) which measures the performance of the market depreciated by 0.04 percent to close at 65,309.65 basis points.
Consequently, the Month-to-Date and Year-to-Date gains moderated to +1.5 percent and +27.4 percent, respectively.
Although more stocks totaling 29 led by Guinness Nigeria (+10%) recorded price gains relative to 24 others that traded at losses, the gains were moderated by losses in heavyweight Geregu Power (-6.4%).
Guinness Nigeria emerged as the highest price gainer of 10 percent to close at N60.50, per share followed by GlaxoSmithKline with a gain of +9.74 percent to close at N10.70, while Chellaram appreciated by 9.73 percent to close at N3.72, per share.
Conversely, Secure Electronic Technology led the losers’ chart with 10 percent to close at 27 kobo, per share. Northern Nigeria Flour Mills (NNFM) followed with a decline of 9.89 percent to close at N12.30, while John Holt shed 9.52 percent to close at N1.33, per share.
The total volume traded declined by 4.97 percent to 317.808 million units, valued at N4.472 billion, and exchanged in 6,376 deals.
Access Holdings led the activity with 49.355 million shares worth N861.161 million.
Sterling Financial Holdings Company followed with an account of 43.823 million shares valued at N153.937 million, while Universal Insurance traded 28.864 million shares valued at N6.897 million.
FCMB Group traded 18.126 million shares worth N112.162 million, while FBN Holdings (FBNH) traded 14.302 million shares worth N261.734 million.
Sectoral performance was broadly negative, as the Oil & Gas (-0.3%), Insurance (-0.2%), Industrial Goods (-0.1%), and Consumer Goods (-0.1%) indices closed lower, while the Banking (+0.6%) index was the sole gainer of the day.
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