New Telegraph

Equities extend decline by N34bn

nngx

Equity trading on the floor of the Nigerian Exchange Limited (NGX), yesterday, witnessed another drop in share prices for the second trading session as bears sustained their grip on the local bourse. The local bourse recorded only 12 gainers and 34 losers to sustain downward trend. Consequently, the NGX-All-Share Index dipped 64.72 basis points or 0.13 per cent to close at 47,296.07 index points as against 47,360.79 recorded the previous trading session while market capitalisation of equities depreciated by N34 billion from N25.524 trillion the previous day to N25.490 trillion as market sentiment remained on the negative territory. Meanwhile, a turnover of 243.43 million shares exchanged in 7,056 deals was recorded in the day’s trading. The premium sub-sector was the most active (measured by turnover volume) with 68.35 million shares exchanged by investors in 1,745 deals.

Volume in the sub-sector was largely driven by activities in the shares of FBNH Plc and MTN Nigeria Plc. Also, other financial services sub-sector, boosted by the activities in the shares of Royal Exchange Plc and Stanbic IBTC Plc, followed with a turnover of 39.82 million shares in 785 deals.

Further analysis of the day’s trading showed that in percentage terms, ABC Transport Plc topped the day’s gainers’ table with 9.38 per cent to close at 95 kobo per share, while Lasaco Assurance Plc followed with 7.62 per cent to close at N1.13 per share. Jaiz Bank Plc added 5.71 per cent to close at 74 kobo per share. On the flip side, CAP Plc and R.T Briscoe led the losers’ with a drop of 10 per cent each to close at N17.55 and 63 kobo per share respectively while NGX Group Plc shed 9.96 per cent to close at N20.80 per share. Red Star Express Plc trailed with 9.78 per cent to close at N3.32 per share.

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