BUSINESS

NGX Index Down 0.48% As Veritas Kapital, EcoBank, UACN Shed Weight

Trading on  the Nigerian Exchange Ltd., (NGX) extended its bearish trend on Thursday, causing market capitalisation to dip further by N120 billion.

Specifically, the All-Share Index (ASI) at the close of trading, declined to stand at 47,543.51 points, representing 0.48 per cent when compared to the 46,766.16 points recorded on Wednesday.

Similarly, the overall market capitalisation value lost N120 billion to close at N25.092 trillion from N25.212 trillion recorded on Wednesday.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are; Veritas Kapital, EcoBank Transnational Incorporated(ETI), UACN and among others.

The market breadth was positive as 20 stocks declined relative to 16 gainers.

Conoil recorded the highest price gain of 9.89 per cent to close at N24.45 per share.

RTBriscoe followed with a gain of 9.80 per cent to close at 56k per share, while Japaul Gold rose by 9.68 per cent to close at 34k per share.

Meyer rose by 9.57 per cent to close at N1.03 while Regal Insurance gained 9.09 per cent to close at 36k per share.

On the other hand, Veritas Kapital led the losers’ chart by 8.70 per cent  to close at  21k per share.

UACN and Transcoholt depreciated by 7.49 per cent  and 6.78 per cent each to close at N10.50 and N4.95 per share, respectively.

UPDCreit followed with a decline of 2.94 per cent to close at N3.30 per share while ETI lost 2.92 per cent to close at N11.65 per share.

The total volume of stocks  traded was 244.042 million units, valued N2.350 billion, and exchanged in 4,710 deals.

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Transactions in the shares of Fidelity Bank  topped the volume chart with 44.43 million shares valued at N155.63 million.

Transcorp followed with 35.76 million shares worth N34.848 million, while Zenith Bank traded 23.3 million shares valued at N531.586 million.

United Bank for Africa(UBA) traded 15.63 million shares valued at N121.329 million, while ACCESSCORP transacted 12.91 million shares valued at N125.938 million.

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