NGX closes negatively due to sell-offs in large and small capitalized stocks

NGX closes negatively due to sell-offs in large and small capitalized stocks

The Exchange closed on a negative note, with large and small capitalized stocks experiencing both buy and sell activity. The market capitalization dropped by N52 billion, closing at N28.681 trillion, as compared to the previous trading’s N28.733 trillion. The decline in performance was mainly attributed to sell-offs in MTNN stocks. The All-share Index also decreased by 95.08 points or 0.18 percent, closing at 52,657.88 points, compared to the previous day’s 52,752.96 points. The Year-to-Date returns settled at 2.05 percent. However, there was a positive market breadth with 24 gainers and 7 losers.

According to analysts at Vetiva Securities Ltd, the negative reaction to Guinness’ latest numbers, where Profit After Tax (PAT) declined by 54 percent in H1’23, was expected. This led to a 3.71 percent decline in the stock’s share price. Additionally, the cross trades done at lower price levels in MTNN dampened market sentiment. However, investors bought up Tier-1 banks such as Zenith and GTCO. The analysts predict an improvement in market performance at the start of the week, due to a positive market breadth.

Cutix led the losers chart by 8.11 percent, closing at N2.40 per share, followed by International Breweries with 6.12 percent, closing at N4.60 per share. Glaxo Smith Kline also dropped by 4.41 percent, closing at N6.50 per share. Holdings shed 4.26 percent to close at N9, while lost 3.71 percent to close at N70 per share.

On the other hand, Cap Plc led the gainers chart by 9.83 percent, closing at N19.55 per share. Northern Nigeria Flour Mills followed with a gain of 9.76 percent, closing at N6.75 per share. Japaul Gold & Ventures rose by 9.68 percent, closing at 34k, while Tripple Gee appreciated by 9.37 percent, closing at N1.05 per share. Cornerstone Insurance also rose by 9.26 percent, closing at 59k per share.

The traded turnover increased by 16 percent, with an exchange of 171.11 million valued at N2.34 billion in 3,599 deals. Transactions in the shares of Bank topped the activity chart, with 26.65 million shares valued at N145.13 million. Chams followed with 17.79 million shares worth N5.3 million, while FBN Holdings traded 15.14 million shares valued at N177.19 million. Japaul Gold & Ventures traded 9.07 million shares valued at N3.01 billion, while transacted 8.69 million shares worth N211.93 million.

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