NGX sustains bearish trend as MRS, others drag indices further by N71b

Trading activities on the floor of the Nigerian Exchange (NGX) sustained a sliding profile yesterday due to losses in the shares of many blue-chip firms, especially MRS and Chams, causing market capitalisation to depreciate further by N71 billion.

Specifically, market capitalisation of listed equities declined by 0.31 per cent to N22.494 trillion from N22.565 trillion reported on Wednesday.

Similarly. The All Share Index (ASI) also depreciated by 136.25 basis points to 43108.77 points from 43245.02 points recorded the previous day.

Investors traded 266.115 million shares valued at N4.216 billion in 3905 deals against 243.185 million shares cost by N3.746 billion exchanged hands the previous day in 3777 deals.

Vetiva Dealings and Brokerage said: “With tomorrow being the last trading session of the week, we expect to see investors cherry-picking some attractive counters albeit cautiously, especially after the sell-offs reported today. Consequently, we foresee some buying activity to close out the week.”

Further breakdown of yesterday’s transactions showed that Honeywell Flour Mills Nigeria Plc led the gainers’ table, increasing by 9.76 per cent to close at N4.05 kobo while AIICO Insurance followed with a gain of 8.47 per cent to close at 64 kobo.

Regal Insurance added 8.33 per cent to close at 39 kobo. Ikeja Hotel gained 8.00 per cent to close at N1.35 kobo. UPL also increased by 8.00 to close at N2.70 kobo.

On the contrary, MRS topped the losers’ chart, dropping 9.87 per cent to close at N13.70 kobo. Chams Plc trailed with a loss of 8.70 per cent to close at 21 kobo.

Ecobank Transnational Incorporated (ETI) shed 8.57 per cent to close at N8. Chi Plc depreciated by 8.06 per cent to close at 57 kobo. Unity Bank also dipped by 7.27 to close at 51 kobo.

On the activity chart, HoneyWell Flour Mills Nigeria Plc was the most active stock during the day, trading 52.467 million shares valued at N209.572 million, GTCO Plc followed with 22.957 million shares valued at N578.561 million.

Zenith Bank Plc traded 22.886 million worth N559.037. Transnational Corporation of Nigeria traded 18.464 million shares worth N177.279. Access Bank sold a total of 13.938 million shares valued at N13.737 million.