NGX Opens August In Red As Investors Lose N227bn

The Nigerian Stock Exchange (NGX) Limited began August in the red zone as investors recorded a N227 billion loss at the close of business on Monday.

The poor performances put up by Access Holdings, BUA Cement, International Breweries and others contributed to the downfall of the stock exchange on the first trading session of the new week and month.

The All-Share Index (ASI) receded by 419.93 points to 49,950.32 points from 50,370.25 points, while the market capitalisation depreciated by N227 billion to N26.936 trillion from N27.163 trillion.

Analysis showed that equities in the industrial goods and the consumer goods sectors were the spoilers yesterday as their respective index shed 4.18 per cent and 0.13 per cent.

The banking space gained 0.19 per cent during the session as the insurance counter appreciated by 0.12 per cent, with the energy index closing flat.

Despite the loss printed on Monday, the market breadth closed positive with 21 price gainers and 14 price losers, indicating a strong investor sentiment.

BUA Cement lost 9.96 per cent to trade at N62.40, McNichols fell by 9.89 per cent to 82 Kobo, Neimeth declined by 9.68 per cent to N1.40, International Breweries lost 6.54 per cent to sell for N5.00, while May and Baker dropped 6.42 per cent to N3.35.

Conversely, Caverton and Courteville gained 10.00 per cent each yesterday to finish at N1.10 and 44 Kobo respectively. Champion Breweries rose by 9.59 per cent to N4.00, Unity Bank appreciated by 9.30 per cent to 47 Kobo, while Livestock Feeds improved by 8.70 per cent to N1.25.

During the trading day, investors traded 176.1 million shares worth N2.3 billion in 4,965 deals compared with the 254.8 million shares worth N2.8 billion transacted in 4,905 deals in the preceding session, indicating a decline in the trading volume and value by 30.90 per cent and 19.21 per cent respectively. The number of trades, however, increased by 1.22 per cent.

GTCO emerged as the most actively traded stock as it sold 21.4 million units worth N426.8 million, Zenith Bank transacted 20.5 million units valued at N429.3 million, Access Holdings exchanged 16.8 million units worth N149.7 million, FBN Holdings traded 14.3 million units for N153.1 million, while UBA also sold 14.3 million units worth N100.5 million.