Stock market down by 0.06%
The stock market of the Nigerian Exchange Limited (NGX) on Wednesday pulled back after the prior day’s rally, bringing the benchmark Index down 0.06 per cent.
The NGX All Share Index (ASI) decreased by 31.07 absolute points, representing a dip of 0.06 per cent to close at 50,594.97 points. Similarly, the market capitalisation lost N17 billion to close at N27.284 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; BUA Cement, Nigerian Breweries, Nigerian Exchange Group (NGXGroup), Learn Africa and University Press.
As measured by market breadth, market sentiment was positive, as 22 stocks gained relative to 15 losers. Lasaco Assurance recorded the highest price gain of 10 per cent to close at 99 kobo per share. UACN Property Development Company (UPDC) followed with a gain of 9.71 per cent to close at N1.13, while Honeywell Flour Mill appreciated by 9.69 per cent to close at N2.49 per share.
Chams went up by 8.70 per cent to close at 25 kobo, while Japaul Gold and Ventures appreciated by 7.41 per cent to close at 29 kobo per share.
On the other hand, Learn Africa led the losers’ chart by 10 per cent to close at N2.34, per share. University Press followed with a decline of 9.79 per cent to close at N2.12, while Cornerstone Insurance went down by 9.33 to close at 68 kobo per share.
Unity Bank lost 4.26 per cent to close at 45 kobo, while Fidelity Bank shed 3.85 per cent to close at N3.00 per share.
Meanwhile, the total volume of trades decreased by 6.20 per cent to 121.16 million units, valued at N4.169 billion, and exchanged in 4,369 deals.
Transactions in the shares of MTN Nigeria Communications (MTNN) topped the activity chart with 10.412 million shares valued at N2.236 billion. FBN Holdings (FBNH) followed with 9.533 million shares worth N104.177 million, while Zenith Bank traded 8.365 million shares valued at N178.850 million.
United Bank for Africa (UBA) traded 6.805 million shares valued at N48.083 million, while Access Holdings transacted 6.608 million shares worth N58.995 million.
