NGX All-Share Index declines further by 0.09%

The bears continued the domination of the stock market of the Nigerian Exchange Limited (NGX) as the All-Share Index (ASI) extended losses for a second consecutive session, falling by 0.09per cent to settle at 48,836.70 basis points.

The market’s weak performance was driven primarily by extended selloffs in Tier-1 banks, Zenith Bank Plc (-1.55per cent), GTCO (-1.70per cent), FBN Holdings (-0.50per cent) and ACCESSCORP (-1.32 per cent).

Consequently, the ASI’s year-to-date (YTD) return fell to 14.33per cent and market capitalisation gained N226.56billion to close at N26.60trillion.

Sectoral performance revealed that NGX Banking Index dropped by 0.98 per cent, due to the losses recorded in Unity Bank Plc, Wema Bank Plc, Zenith Bank Plc and Access Corporation.

The NGX oil & gas index contracted by 0.27 per cent, driven by the decline in the price of Oando Plc that was down by -1.70 per cent.

NGX Consumer Goods Index: Fell by 0.18perr cent as NGX Industrial Index closed flat.

Elsewhere, the newly-listed Geregu Power (+10.00per cent) rose on its first full trading day. Specifically, a total of 2.50bn shares of GEREGU were listed by introduction on the NGX Exchange at N100 per share, making the stock the 15th largest on the index by market capitalisation.

Analysis of Wednesday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions declining by 7.12per cent.

A total of 135.52million units of shares valued at N2.22billion were exchanged in 4,041 deals.

Chams (+0.00) led the volume chart with 25.50m units traded, while Geregu (+10.00) led the value chart in deals worth N935million.

The listing of Geregu’s shares has added N250billon to the market capitalization of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.

Multiverse Plc followed with a gain of 9.88 per cent to close at N4.45kobo, while Redstarex rose by 9.43 per cent to close at N2.32 per share.

Sovereign Trust Insurance went up by eight per cent to close at N0.27 kobo, while Japailgold appreciated by 7.69 per cent to close at N0.28 per share.

On losers table, Cadbury Nigeria Plc led the chart by 9.93 per cent to close at N12.25 per share.

Northern Flourmills followed with a decline of 9.33 per cent to close at N6.80, while PZ Cusson lost 9.19per cent to close at N8.40kobo per share.

Cornerstone Insurance lost 8.93 per cent to close at N0.51 kobo, while Unity Bank Plc shed 6.82 per cent to close at N0.41 kobo per share.