NGX opens week on bearish trend, down N20bn

NGX opens week on bearish trend, down N20bn

Trading on the Nigerian Exchange (NGX) reopened for the week on Monday on a negative mood following profit-taking in some blue chips.

Specifically, the market capitalisation shed N20 billion or 0.10 per cent to close at N20.164 trillion from N20.184 achieved on Friday.

Also, the NGX All-Share Index dipped 39.70 points or 0.10 per cent to close at 38,686.40 from 38,726.10 posted on Friday.

Accordingly, month-to-date gain moderated to 0.7 per cent, while year-to-date loss increased to 3.9 per cent.

Capital market analysts attributed the bearish sentiment to investors sell-off in medium and large capitalised stocks, amidst rise in the yield of Federal Government June savings bond.

The market loss was driven by price depreciation in large and medium capitalised stocks, amongst which are Guaranty Trust Bank, Unilever, Lafarge Africa, Union Bank of Nigeria and FCMG Group.

READ ALSO: #EndSARS: Nigerian economy loses N700bn in 12 days – LCCI

Analysts at United Capital Plc predicted that negative sentiments would dominate equities market this week following suspension of Twitter operations in Nigeria.

“We expect negative sentiments to dominate the equities market as knee-jerk reactions to the Federal Government’s decision to suspend the operations of Twitter in Nigeria kicks in.

“That said, we think the possible dips created by sell pressures may present decent entry points for buy orders,” they noted.

Market sentiment closed negative with 13 gainers in contrast with 28 losers.

Juli Plc led the losers’ chart in percentage terms with 9.93 per cent to close at N1.36 per share.

Computer Warehouse Group followed with 9.80 per cent to close at N1.38, while Japaul Gold and Ventures shed 8.47 per cent to close at 54k per share.

1Honeywell Flour Mill lost 5.69 per cent to close at N1.16, while FCMB Group depreciated by 4.55 per cent to close at N3.15 per share.

On the other hand, Morison Industries dominated the gainers’ chart in percentage terms with 9.73 per cent to close at N1.24 per share.

Conoil trailed with 9.63 per cent to close at N20.50, while Veritas Kapital Assurance rose by 8.33 per cent to close at 26 per share.

Africa Prudential appreciated by 7.63 per cent to close at N6.35, while Royal Exchange gained 6.94 per cent to close at 77k per share.

However, the total volume of traded rose by 5.9 per cent to 210.75 million shares valued at N1.45 billion in 3,958 deals.

This was against 199.06 million shares worth N1.59 billion exchanged in 3,150 deals on Friday.

Transactions in the shares of FBN Holdings topped the activity chart with 16.64 million shares valued at N121.04 million.

Wapic Insurance followed with 16.48 million shares worth N9.06 million, while Chams traded 16.23 million shares valued at N3.32 million.

Zenith Bank sold 15.94 million shares worth N365.89 million, while Japaul Gold and Ventures transacted 13.18 million shares worth N7.16 million.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.