Key indices of the Nigerian Exchange (NGX) dropped further by 0.81 percent on Thursday to stretch out bearish exchanges to three sequential trading meetings.
Therefore, the All-Share Index lost 319.08 points or 0.81 percent to close at 39,114.73 against 39,433.81 on Wednesday. Additionally, the market capitalisation shed N167 billion or 0.81 percent to close at N20.470 trillion from N20.637 trillion on Wednesday. The bearish notion was supported on value deterioration in huge and medium promoted stocks among which are; MTN Nigeria Communications (MTNN), Dangote Cement, BOC Gases, Red Star Express and SCOA. Market watchers credited the steady break to expanded yield in the currency market instruments which prompted development of assets. Nonetheless, 25 stocks acquired, comparative with 20 washouts. BOC Gases drove the washouts’ outline in rate terms, losing 9.99 percent to close at N12.25 per share. Domesticated animals Feeds followed with 9.90 percent to close at N1.73, while SCOA shed 9.66 percent to close at N2.15 per share.
Red Star Express plunged 9.59 percent to close at N3.11, while Regency Alliance Insurance devalued by 9.38 percent to close at 29k per share. Then again, Conoil and Courteville Business Solutions overwhelmed the gainers’ table in rate terms with 10% each to close at N18.70 and 22k per share, individually. Seplat followed with 9.99 percent to close at N604.40 per share. Linkage Assurance rose by 8.62 percent to close at 63k, while Access Bank valued by 5.19 percent to close at N8.10 per share. Regardless of the drop in files, the absolute volume of exchanges executed expanded by 15.43 percent with a sum of 403.51 million offers esteemed at N4.81 billion, in 4,342 arrangements.
This was conversely with a turnover of 349.56 million offers worth N3.50 billion accomplished in 4,554 arrangements on Wednesday. Exchanges in the portions of Access Bank beat the movement graph with 105.87 million offers esteemed at N844.21 million. NEM Insurance represented 38.68 million offers worth N77.34 million, while FBN Holdings exchanged 35.41 million offers esteemed at N258.66 million. Pinnacle Bank sold 29.43 million offers worth N641.83 million, while Fidelity Bank executed 22.31 million offers esteemed at N49.60 million.
