GTCO, First Holdco Losses Drag NGX Key Indicators Lower
The Nigerian Exchange (NGX) All-Share Index (ASI) dropped at the beginning of the trading week due to sell pressure in banking names like GTCO, First Holdco, and Nigerian Breweries, among other decliners.
Reflecting their sizes or weight on NGX , the losses sustained by heavyweight banking names dragged market cap and other key indicators downward.
The local bourse started the week on a negative note as the market index and capitalisation shed 0.01% to settle at 166,112.50 points and N106.34 trillion, respectively.
Trading activity showed divergence as volume climbed 16.62% to 629.6 million shares, and the number of deals jumped 20.48% to 57,858 transactions, yet total value traded fell 11.74% to ₦14.75 billion.
The top gainers included CHAMPION, LEARNAFRICA, NCR, TRIPPLEG, and NEIMETH, while IMG, HMCALL, LIVINGTRUST, IKEJAHOTEL, and UNIONDICON posted the steepest losses.
This turnout was driven by declines in NB (-4.01%), GTCO (-1.57%), and FIRSTHOLDCO (-1.92%), which outweighed price upticks in ETI (+6.38%), ZENITHBANK (+2.22%), and JBERGER (+9.88%).
Albeit market breadth (1.79x) had a positive outturn as market sentiment was strong, with 43 gainers outstripping 24 losers. CHAMPION (+10.00%), LEARNAFRICA (+10.00%), and NCR (+10.00%) emerged as the best performers, while IMG (-9.95%) led the laggards.
Stockbrokers reported that in today’s rendition, sectoral performance was mixed. The Consumer Goods (-0.47%) and Insurance (-0.06%) indices closed lower, dragged by NB (-4.01%) and AIICO (-2.35%).
On the flip side, the Banking (+0.28%) and Oil & Gas (+0.06%) indices edged higher, supported by buying interest in ETI (+6.38%) and OANDO (+0.62%), respectively. The Commodity and Industrial Goods indices closed flat. Jaiz Bank: Repricing Momentum Signals Market Conviction
