BUSINESS

NGX Index Down 0.23% As Jaiz Bank, Conoil, UPL Top Losers’ Chart

Trading on the Nigerian Exchange closed in a downward trend on Tuesday as market capitalisation decreased by N58 billion, following losses recorded by large and medium capitalised stocks.

The overall market capitalisation  which lost N58 billion closed at N25.413 trillion from the N25.471 trillion recorded on Monday.

Also, the All-Share Index (ASI)  decreased by 108.26 absolute points, representing a growth of 0.23 per cent to close at 47,154.35 points from N47, 262.61 points the previous day.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks, which are: Con Oil, Jaiz Bank, Honeywell Flour, Linkage Assurance and WAPIC Plc.

Market sentiment, as measured by market breadth, was negative, as 28 stocks depreciated in price, while 16 others constituted the gainers’ chart.

Jaiz Bank and Conoil recorded the highest price loss of 10 per cent each to close at 72 kobo and N23.85, while UPL followed with a loss of 9.97 per cent to close at N 2.62.

NEM Insurance went down by 9.87 per cent to close at N3.56. R.T Briscoe also depreciated by 9.68 per cent to close at 56 kobo.

FTN Cocoa lost 7.69 per cent to close at 36 kobo. while Pharmadeko Plc also shed 7.61 per cent to close at N1.82.

On the other hand, Niger Insurance led the gainers’ chart by 9.52 per cent to close at 23 kobo, while CHI Plc followed with a gain of 8.47 per cent to close at 64 kobo. NGX Group appreciated with 6.97 per cent to close at N22.25.

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UPDC gained 5.55 per cent to close at 95 kobo, while Union Bank of Nigeria also shed 3.33 per cent to close at N6.20.

Also, VitaForm Plc and FIDSON Pharmaceutical company gained 2.82 per cent and 2.45 per cent each to close at N21.90 and N8.35, respectively.

Market activity as measured by both volume and value of trade gained weight in the session with daily traded volume standing at 754.933 million units, representing a 158.64 per cent increase from 291.882 million units traded in the previous session.

Value of traded stocks inched up by 27.41 per cent in the session to stand at N3.638 billion as against a value of N2.855 billion recorded on Monday.

Transactions in the shares of Zenith Bank Plc topped the activity chart with 14.268 million shares valued  N382.959 million.

Zenith Bank followed with 46.325 million shares worth N1.248 billion, while United Capital traded 31.575 million shares valued at N416.796 million.

Guaranty Trust Bank Holding Company (GTco) traded 26.353 million shares valued N766.267 million, while United Bank for Africa (UBA) transacted 17.98 million shares worth N151.234 million.

The total volume of trades increased by 158.6 per cent to 754.93 million units, valued N3.64 billion and exchanged in 4,330 deals.

Unity Bank was the most traded stock by volume at 525.28 million units, while GTCO was the most traded stock by value at N766.26 million.

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