Trading on the equities market of the Nigerian Exchange Limited (NGX) remained down on the 15th of November as a sell-off in Lafarge Africa and 12 stocks further reduced market capitalization by N6 billion.
The All Share Index (ASI) closed yesterday at 43,808.25 points, down 9.87 absolute points or 0.02 percent from its previous finish. The market capitalization also decreased by N6 billion to finish at N23.861 trillion.
The decline was exacerbated by losses in medium and large capitalized equities, including Lafarge Africa, UPDC Real Estate Investment Trust, FCMB Group, Royal Exchange, and Access Holdings.
According to analysts at Afrinvest Limited, despite improving market sentiment, they expect sell pressures to linger as more investors shift their portfolios towards fixed income assets (with attractive rates) amid rising inflation.
Although there were 15 advanced losers and 13 declining stocks, the market breadth ended up being positive.
The two companies with the highest price increases were Learn Africa and Computer Warehouse Group (CWG), which closed at N1.65 and 88 kobo, respectively. Caverton Offshore Support Group came in second with a gain of 8.75 percent to close at 870 kobo.
To close at 39 kobo, Prestige Assurance increased by 8.33 percent, and Japaul Gold & Ventures increased by 7.41 percent, closing at 29 kobo a share.
While NGX Group increased by 4.55 percent to close at N23, Academy Press increased 6.84 percent to close at N1.25 kobo.
GTCO gained 2.26 percent to end the day at N18.10 kobo. To close at N3.88 kobo, Oando rose by 2.11 percent. At N4.10 kobo, Fidelity Bank earned 1.23 percent. BUAFoods gained 1.16 percent to end the day at N56.55 kobo.
Transcorp, a subsidiary of the Transnational Corporation of Nigeria, increased by 91% to close at N1.11 kobo. To close at N20.10 kobo, Zenith Bank gained 75 kobo. Additionally up 48% to close at N10.55 kobo was FBN Holdings.
Lafarge Africa, on the other hand, topped the losers’ chart by 9.66% to close at N20.10 per share. Cornerstone Insurance dropped by 9.09 percent to close at 40 kobo, and Royal Exchange dropped by 9.41% to close at 77 kobo.
FTN Cocoa processors fell 8.82% to close at 31 kobo, while UPDC Real Estate Investment Trust lost 8.93% to conclude at N2.55. Chams decreased 8% to finish at 23 kobo. ABC Transport decreased 7.41% to end the day at 25 kobo.
Unity Bank finished the day down 3.70 kobo at 52 kobo. AIIC0 lost 3.57 percent to finish the day at 54 kobo. At N3.30 kobo, First City Monument Bank lost 2.65% of its value.
CHI Plc lost 1.61 percent to end the day at 61 kobo. In addition, Cutix dropped 1.43 percent to finish at N2.07 kobo.
A total of 3,045 deals were made for 103.465 million shares for N1.187 billion, a reduction of 44.7% in the total volume. With 11.385 million shares changing hands for N124.225 million, transactions in FCMB Group shares topped the list of activity.
Following Transcorp, who traded 11.307 million shares worth N12.349 million, 10.337 million shares worth N42.294 million were traded by Fidelity Bank.
Guaranty Trust Holding Company (GTCO) traded 5.967 million shares worth N107.940 million, while Access Holdings traded 8.726 million shares worth N71.029 million.