NGX drops further by N12 billion

Market sentiment remained negative with 24 losers in contrast with 12 gainers.

The Nigerian Stock Exchange building (image used for illustration) [Reuters/Akintunde Akinleye]

The Nigerian stock market ended trading for the month of November on Tuesday still on a bearish note with a loss of N12 billion.

Specifically, the market capitalisation inched lower by N12 billion or 0.05 per cent to close at N22.566 trillion from N22.578 trillion on Monday.

Also, the All-Share Index which opened at 43,270.94 lost 22.98 points or 0.05 per cent to close at 43,248.05 due to profit taking.

This, the month-to-date and year-to-date gains moderated to 2.9 per cent and 7.4 per cent, respectively.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; UPDC Real Estate Investment Trust, Guaranty Trust Holding Company, Guinness Nigeria, Union Bank of Nigeria (UBN) and Zenith Bank.

Consequently, market sentiment remained negative with 24 losers in contrast with 12 gainers.

UPDC Real Estate Investment Trust led the losers' chart in percentage terms by 9.89 per cent to close at N4.10 per share.

Ikeja Hotel followed with 9.63 per cent to close at N1.22, while UACN Property Development Company lost 9.32 per cent to close at N1.07 per share.

Chams shed 9.09 per cent to close at 20k, while UBN depreciated by 6.19 per cent to close at N4.55 per share.

Conversely, AIICO Insurance topped the gainers' chart in percentage terms with 9.21 per cent to close at 83k per share.

Access Bank followed with 4.40 per cent to close at N9.50, while Wapic Insurance appreciated by 4.17 per cent to close at 50k per share.

Ecobank Transnational Incorporated rose by 3.73 per cent to close at N8.35, while FCMB Group appreciated by 3.33 per cent to close at N3.10 per share.

However, the total volume of trades increased by 5.5 per cent to 224.91 million units valued at N3.71 billion exchanged in 4,331 deals.

This was in contrast with 213.13 million shares worth N2.36 billion traded in 4,105 deals on Monday.

Transactions in the shares of Access Bank topped the activity chart with 42.18 million shares valued at N389.70 million.

Zenith Bank followed with 38.97 million shares worth N935.40 million, while FBN Holdings traded 16.89 million shares valued at N198.73 million.

GTCO traded 16.67 million shares valued at N413.98 million, while AIICO Insurance transacted 12.86 million shares worth N10.51 million.

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