Sell pressure in 20 stocks drags NGX index by 0.1 per cent

After five days of an uptrend, the Nigerian Exchange Limited (NGX) halted its gaining streak as sell pressure in 20 stocks dragged the All-Share Index (ASI) by 0.1 per cent.

Specifically, the ASI dropped by 46.93 absolute points, representing a decline of 0.12 per cent to close at 38,802.15 points, while the overall market capitalisation value lost N25billion to close at N20.216 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks among which are, MTN Nigeria Communications (MTNN), UPDC Real Estate Investment Trust, Africa Prudential, Unilever Nigeria and International Breweries.

Market sentiments closed at par, as 20 stocks constituted the gainers’ chart, while 20 others recorded price depreciation.

Reacting on market performance, Afrinvest Securities said: “In the next trading session, we expect performance to be a mix of profit-taking and strategic positioning, as investors re-price market fundamentals amid fresh CBN forex policy on BDC.

Vetiva Dealing and Brokerage said: “We foresee an improvement in market activity, as investors await earnings releases from the large-cap stocks. Meanwhile, with the monetary policy committee deciding to hold all parameters constant, we foresee a mild reaction from investors in tomorrow’s trading, while they digest the news amid other policy changes announced at the meeting.”

Oando recorded the highest price gain of 9.86 per cent to close at N4.79 kobo.

Champion Breweries followed with a gain of nine per cent to close at N2.30 kobo. FTN Cocoa Processors went up by 8.89 per cent to close at 49 kobo. Fidson Healthcare rose by 6.73 per cent to close at N6.50 kobo. Livestock Feeds gained 6.73 per cent to close at N2.29 kobo.

On the other hand, UPDC Real Estate Investment Trust led the losers’ chart by 6.67 per cent to close at N5.60, per share. Unity Bank followed with a decline of 6.45 per cent to close at 58 kobo, while NPF Microfinance Bank lost 5.29 per cent to close at N1.61 kobo.

UACN Property Development Company (UPDC) lost 5.19 per cent to close at N1.28, while Chams shed 4.76 per cent to close at 20 kobo.

The total volume of trades decreased by 1.41 per cent to 243.086 million units, valued at N1.899 billion, and exchanged in 4,326 deals.

Transactions in the shares of Access Bank topped the activity chart with 21.766 million shares valued at N204.436 million. Wema Bank followed with 21.299 million shares worth N17.862 million, while UPDC traded 14.552 million shares valued at N18.267 million.

UAC of Nigeria (UACN) traded 14.420 million shares valued at N162.185 million, while United Bank for Africa (UBA) transacted 12.608 million shares worth N99.080 million.