The Nigerian Stock (NGX) Limited recorded a N30 billion loss at the close of trading on Thursday amid selloffs of blue-chip stocks like MTN Nigeria and 14 others.
Blue chip stocks are shares of very large and well-recognised companies with a long history of sound financial performance
MTN Nigeria went down by 0.5 per cent and Stanbic IBTC Holding dropped by 5.6 per cent to drag market capitalisation to a loss of N33billion to close at N26.976trillion from N27.009trillion it opened for trading.
As a result, the NGX All Share Index (ASI) decreased by 60.87 basis points or 0.12 per cent to close at 50,014.60 basis points from 50,075.47basis points the stock market opened for trading.
As measured by market breadth, market sentiment was positive as 21 stocks gained relative to 15 losers. Nigerian Aviation Handling Company (NAHCO) recorded the highest price gain of 10 per cent to close at N5.83, per share. FCMB Group followed with a gain of 9.84 per cent to close at N3.35, while Ikeja Hotel rose 9.43 per cent to close at N1.16, per share.
Multiverse Mining and Exploration went up by 9.22 per cent to close at N2.25, while Courteville Business Solutions appreciated by 8.51 per cent to close at 51 kobo, per share.
On the other hand, Associated Bus Company led the losers’ chart by 6.67 per cent to close at 28 kobo, per share. Jaiz Bank followed with a decline of 5.56 per cent to close at 85 kobo, while Stanbic IBTC Holdings shed 3.28 per cent to close at N28.05, per share.
Caverton Offshore Support Group lost 2.86 per cent to close at N1.02, while UBA shed 2.78 per cent to close at N7.00, per share.
Also, the total volume traded fell by 52.2 per cent to 133.591 million shares, worth N2.438 billion, and traded in 4,292 deals.
Transactions in the shares of UBA topped the activity chart with 20.453 million shares valued at N143.647 million. Chams followed with 8.978 million shares worth N2.772 million, while Access Holdings traded 8.166 million shares valued at N72.687 million.
Japaul Gold & Ventures traded 7.346 million shares valued at N2.860 million, while Jaiz Bank transacted 7.104 million shares worth N6.240 million.
Analysts at GTI Securities Limited said “the Nigerian equity market closed bearish today due to sell-off in blue-chip stocks such as MTNN and others. We expect mixed sentiments to continue, as more companies release their second quarter (Q2) results.”
