ABC Transport, Lasaco insurance others drag capitalisation by N9bn

The bears upstaged the bulls at the reopening of transactions on the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as sell-off in most blue-chip stocks, especially ABC Transport and Lasaco insurance dragged market capitalisation by N9 billion.

Specifically, at the close of transactions yesterday, market capitalisation of listed equities declined by N9 billion or 0.04 per cent to N20.582 trillion from N20.591 trillion reported on Friday. The NGX All-Share Index also depreciated by 16.94 basis points to 39505.40 points from 39522.34 points traded previously.

Investors traded 141.282 million shares valued at N1.635 billion in 3393 deals against 188.838 million shares cost N3.217 billion exchanged hands in 3267 deals.

Analysts at Vetiva Dealings and Brokerage said: “In the absence of large cross trade in the market today, activity levels dipped to end a largely quiet session. We expect investors to trade cautiously tomorrow and market closing flat barring any major sell-off in the large-cap names.”

On the price movement chart, 25 stocks appreciated in price, while 15 constituted the losers’ chart. SFS REIT led gainers’ chart, adding 9.96 per cent to close at N67.90 kobo, while MRS followed with a gain of 9.92 per cent to close at N13.85 kobo. May and Baker added 9.77 per cent to N4.83 kobo. Honey Well Flour Plc increased by 9.76 per cent to close at N2.25 kobo, Mutual Benefits up by 8.82 per cent to N0.37 kobo.

On the contrary, ABC Transport recorded the highest loss, shedding 8.33 per cent to 33 kobo. Lasaco Insurance trailed with a loss of 6.67 per cent to close at N1.40 kobo. Live Stock Feeds declined by 4.80 per cent to N1.98 kobo. Fidelity Bank dipped by 4.80 per cent to close at N2.38 kobo. Champion Breweries also shed 4.55 per cent to N2.10 kobo.

The trading result further indicated that Etranzact was the most active stock during the day, exchanging 16.188 million shares valued at N33.347 million, Fidelity Bank followed with an account of 10.441 million shares cost N24.329 million.

Transnational Corporation of Nigeria traded 9.768 million shares cost N9.284 million, Chi PLC sold a total of 9.181 million shares valued at N4.406 million ,while Access Bank sold s total of 7.585 million shares worth N69.025 million.