NGX halts seven-day rally with N58bn loss


The market capitalisation of the Nigerian Exchange Limited on Tuesday shed N58bn to close at N28.475tn halting a seven-day rally.

Similarly, the All-Share Index of the NGX dropped 107.03 base points to close at 52,296.48 on the back of selloffs in Wapco (-1.66 per cent), Geregu (- 10.00 per cent) and ETI (-0.90 per cent) shares respectively.

A total of 550,293,697 million units of shares valued at N5.150bn were traded on the local bourse in 6, 250 deals. This trade turnover is lower relative to the previous session, with the value of transactions down by 60.59 per cent.

Again Access  Corp  (+2.46 per cent) led the volume and value charts with 150m units traded in deals worth ₦1.6bn. Investors’ sentiment as measured by market breadth appreciated as seen in 30 gainers against 23 losers at the end of trading.

Leading the gainers’ table were Conoil and Union Bank of Nigeria whose share units appreciated by 10 per cent to close at N44.00 and N7.70, followed by Multiverse which went up by 9.71 per cent to close at N3.05.

NAHCO enjoyed a 9.62 per cent appreciation and closed at N13.10 while the shares of Nigerian Breweries gained 9.38 per cent in value and closed trading at N35.00.

On the losers’ table, Geregu led with a 10 per cent dip to close trading at N290.70, Transcorp followed with a 9.96 per cent loss in its share value to close at N2.53, Afriprud lost 9.40 per cent to close at N5.30, International Breweries’ shares depreciated by 8.51 per cent to close at N4.30 and Ikeja Hotel suffered a  6.85 per cent loss to close at N1.36.

Performance across tracked indices was largely bullish as the Banking, Oil & Gas, Consumer Goods, and Insurance indices appreciated by 2.84 per cent, 1.05 per cent, 0.31 per cent and 0.07 per cent respectively, owing to gains in UBN (+10.00 per cent), CONOIL (+10.00 per cent, N B (+9.38 per cent) and ROYALEX (+7.14 per cent).

On the other hand, the Industrial Goods index moderated 0.08 per cent, due to sell pressures in Wapco (-1.66 per cent).

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