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NGX opens week on bearish trend, down N20bn

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NGX opens week on bearish trend, down N20bn

Trading on the Nigerian Exchange (NGX) reopened for the week on Monday in a negative mood following some blue chip profit taking.

Specifically, market capitalization fell 20 billion naira or 0.10% to close at 20.164 billion naira against 20.184 naira reached on Friday.

In addition, the NGX All-Share index lost 39.70 points or 0.10% to close at 38,686.40 against 38,726.10 published on Friday.

As a result, the month-to-date gain narrowed to 0.7%, while the year-to-date loss increased to 3.9%.

Capital market analysts attributed the bearish sentiment to investors who sold mid-cap and large-cap stocks amid rising yields on federal government savings bonds in June.

The market loss was caused by the depreciation in prices of large and mid-cap stocks, including Guaranty Trust Bank, Unilever, Lafarge Africa, Union Bank of Nigeria and FCMG Group.

United Capital Plc analysts predicted negative sentiment would dominate the equity market this week after Twitter’s operations in Nigeria were suspended.

“We expect negative sentiments to dominate the equity market as knee-jerk reactions to the Federal Government‘s decision to suspend Twitter operations in Nigeria to kick in.

“That said, we believe that the possible declines created by selling pressures may present decent entry points for buy orders,” they noted.

Market sentiment closed negatively with 13 winners versus 28 losers.

Juli Plc led the losing chart in terms of percentage with 9.93 percent to close at N 1.36 per share.

By Chinyere Joel-Nwokeoma

Computer Warehouse Group followed with 9.80% to close at N 1.38, while Japaul Gold and Ventures fell 8.47% to close at 54,000 per share.

1Honeywell Flour Mill lost 5.69% to close at N 1.16, while FCMB Group depreciated 4.55% to close at N 3.15 per share.

On the other hand, Morison Industries led the winners chart in terms of percentage with 9.73 percent to close at N 1.24 per share.

Conoil trailed with 9.63 percent to close at N20.50, while Veritas Kapital Assurance rose 8.33 percent to close at 26 per share.

Africa Prudential appreciated 7.63 percent to close at 6.35 naira, while Royal Exchange gained 6.94 percent to close at 77,000 per share.

However, total trading volume increased 5.9% to 210.75 million shares valued at N1.45 billion in 3,958 deals.

That was against 199.06 million shares worth 1.59 billion naira traded in 3,150 trades on Friday.

Trading in shares of FBN Holdings dominated the activity chart with 16.64 million shares valued at 121.04 million naira.

Wapic Insurance followed with 16.48 million shares worth 9.06 million Naira, while Chams traded 16.23 million shares worth 3.32 million Naira.

Zenith Bank sold 15.94 million shares worth N 365.89 million, while Japaul Gold and Ventures traded 13.18 million shares worth N 7.16 million. (NAA)

(NAN)

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