NGX Steadies as Selloffs in Geregu Alters Bullish Trend

NGX Steadies as Selloffs in Geregu Alters Bullish Trend

The Nigerian stock market return steadied as the Nigerian Bourse traded flat on Monday after a bullish outing recorded last week. Trading data from the Nigerian Exchange, NGX, shows that the market records gains on some tickers, but these were not strong enough to offset price depreciation in Geregu Power Plc shares. 

Then, market capitalisation remained steady at N24.112 trillion, the same as Friday. However, the All-Share Index (ASI) rose marginally by 0.25 points or 5.6 per cent to close at 44,269.43 from 44.269.18 recorded on Friday.

GEREGU lost 3.4% of its market valuation due to selloffs in the local bourse on Monday. Though Ticker: ACCESSCORP popped higher by 1.9% and ZENITH BANK gained 0.8%. Accordingly, the year-to-date return was unchanged at 3.64 per cent.

Royal Exchange led the gainers’ chart in percentage terms by 9.72 per cent to close at 79k per share. Cutix Plc followed with 6.83 per cent to close at N2.19, while United Capital increased by 5.73 per cent to close at N12 per share.

Linkage Assurance rose by 2.56 per cent to close at 40k, while Trans-Nationwide Express gained 2.50 per cent to close at 82k per share. Conversely, Learn Africa dominated the losers’ chart in percentage terms with 9.52 per cent to close at N1.52 per share.

RTBriscoe and Cornerstone Insurance followed with 9.09 per cent each to close at 30k and 40k respectively. FTN Cocoa Processors declined by 8.82 per cent to close at 31k, while Caverton Offshore Support Group fell by 8.05 per cent to close at 80k.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 51.63 per cent. A total of 103.27 million shares valued at N2.14 billion were exchanged in 3,206 deals.

READ: Femi Otedola Geregu Power Boosts EPS by 45.48%, Valuation Rises Sharply

Sectoral performance was mixed, as the Insurance indices declined by 0.8%, and Oil & Gas lost 0.7%. Meanwhile, the Banking indices popped higher by 0.5%. The Industrial Goods and Consumer Goods indices closed flat. # NGX Steadies as Selloffs in Geregu Alters Bullish Trend

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