Stock Market Halts Four-day Positive Momentum, Drops by N40.99bn
Kayode Tokede
The stock market section of the Nigerian Exchange Limited (NGX) yesterday halted its four-day positive momentum, dropping by N40.99 billion on investors’ profit-taking in Access Holdings Plc, 28 other quoted companies.
Amid FTSE Russell reclassification of Nigeria from “Unclassified” to “Frontier Market” status, the domestic stock market since last week has witnessed positive sentiment by investors.
However, the market capitalisation that opened for trading at N158.956 trillion, dropped by N40.99 billion or 0.03 per cent to close at N158.915 trillion.
The NGX All-Share Index declined by 63.46 basis points or 0.03 per cent, to close at 246,019.17 basis points from 246,082.63basis points it opened for trading.
Consequently, the NGX ASI in its Month-to-Date and Year-to-Date returns settled at 0.8per cent and +58.1per cent, respectively.
Sectoral performance was mixed, as the Banking (-0.6per cent), and Consumer Goods (-0.2per cent) indices declined, while the Insurance (+2.7per cent), Oil & Gas (+0.3per cent) and Industrial Goods (+0.2per cent) indices advanced.
Despite the marginal decline in the benchmark index, investor sentiment remained positive, as a total of 33 stocks advanced, while 29 stocks declined. Tripple Gee & Company recorded the highest price gain of 10 per cent to close at N2.86, per share. Sovereign Trust Insurance followed with a gain of 9.71 per cent to close at N2.26 and Oando up by 9.43 per cent to close at N38.30, per share.
McNichols appreciated by 9.09 per cent to close at N5.40, while NEM Insurance rose by 7.99 per cent to close at N34.45, per share.
On the other hand, NASCON Allied Industries led the losers’ chart by 10.00 per cent to close at N175.50, per share. Beta Glass followed with a decline of 9.99 per cent to close at N506.60, while Academy Press lost 9.76 per cent to close at N5.55, per share.
CWG declined by 9.35 per cent to close at N19.40, while Learn Africa shed 9.20 per cent to close at N7.90, per share
Also, the total volume traded fell by 34.47 per cent to 426.840 million units, valued at N28.438 billion, and exchanged in 41,475 deals. Transactions in the shares of Access Holdings topped the activity chart with 33.220 million shares valued at N1.032 billion. Stanbic IBTC Holdings followed with 28.743 million shares worth N4.114 billion, while Sterling Financial Holdings Company traded 19.606 million shares valued at N150.242 million.
Chams Holding Company traded 18.560 million shares valued at N71.584 million, while Guaranty Trust Holding Company transacted 15.078 million shares worth N2.008 billion.
Looking ahead, Cowry Assets Management Limited said, “we expect market sentiment to remain positive, supported by improved investor confidence following the FTSE Russell reclassification confirmation.”
