NGX Tumbles as Sell Pressures Hit Companies Shares
The stock market dips further on Thursday as equity investors dumped more shares across the Nigerian Exchange (NGX) segment, recording negative outting. The selling rallies spotted in the local market caused key performance indicators to nosedive.
Consequently, the Nigerian Exchange All-Share Index (ASI) dropped by 0.14 per cent, to stand at 47, 296.07 points, following the release of financial year results by some companies.
The downward movement made the month-to-date and year-to-date performance of the All-Share Index stands at -0.21 per cent and 10.72 per cent respectively.
It also saw a decrease in the market capitalisation to N25.49 trillion with 0.14 per cent, from the N25.525 trillion recorded on Wednesday, making investors to shed N35 billion from their investment.
On the price movement chart, 34 stocks recorded price depreciation while 12 others constituted the gainers’ chart. R.T Briscoe and CAP topped the losers’ chart, dropping by 10 per cent each to 63k and N17.55 respectively.
NGX Group trailed with a drop of 9.96 per cent to close at N20.8 while RedStar Express followed with a loss of 9.78 per cent to close at 36k. ABC Transport led the gainers’ chart, adding 9.4 per cent to close at 35k.
LASACO followed with a gain of 7.6 per cent to close at N1.13. Jaiz Bank garnered 5.7 per cent to close at seven kobo. Africa Prudential and Linkage Assurance appreciated by 3.9 per cent each to close at N6.75k and 54 kobo respectively.
In the volume charts, Transcorp was the most traded stock, followed by MTNN, NGX Group, First Bank of Nigeria Holdings (FBNH), and UPDC Plc, according to market data obtained from the Nigerian Exchange.
In terms of value of traded stocks, SEPLAT took the first with NGXGROUP as the second, then followed by Zenith Bank, FBNH, and SEPLAT. Investors traded shares valued at N7.875 billion in 7,056 deals.
Following the bearish trade session seen today, stockbrokers said the sectorial performance spiralled downward as all the five major sectors closed negative compared to the previous session.
The sell-down was led by Insurance which declined by 1.42%, Consumer Goods dropped off 0.63%, Banking shed 0.56%, Oil & Gas declined by 0.14% and Industrial Goods went downward by 0.03%, respectively.
Equity analysts, traders at Atlass Portfolios Limited are expecting investors to reverse the negative sentiment as today’s price decline creates a higher dividend yield for investors.
#NGX Tumbles as Sell Pressures Hit Companies Shares
