After six straight days of unbroken positive trend, the bears returned to the Nigerian Exchange Limited (NGX) trading floor yesterday as losses in Betaglas and BUA cement pulled capitalization by N65 billion.
The All Share Index (ASI) specifically fell by 117.89 absolute points, or 0.25 percent, to close at 47,436.45 points at the reopening of trading yesterday. The market capitalization also decreased by N65 billion, closing at N25.837 trillion.
Losses in medium- and large-capitalized equities, including Beta Glass, BUA Cement, United Capital, SCOA Nigeria, and Access Holdings, had an impact on the downturn.
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The recent 100bps increase in the Monetary Policy Rate (MPR) may have a detrimental effect on the local stock market, according to United Capital Plc, as investors are anticipated to book profits from the recent surge.
“We anticipate that as a result of the MPC’s ongoing policy tightening, money market rates will continue to adjust, reviving investor interest. Additionally, technical signals (RSI & MACD) suggest the market needs a break after the lengthy rally, according to United Capital.
According to Vetiva Dealings and Brokerage, “Gainers outweighed losers, 15 to 17, and market breadth reverted to the negative range. Despite the fact that this was anticipated given the excellent performance shown last week across the board, we still expect some cherry-picking tomorrow.
In the meantime, market breadth ended in the negative, with 15 gains and 17 losses. The company that saw the biggest price increase, 9.30%, to settle at 47 kobo per share was Prestige Assurance. Following NEM Insurance, which increased by 9.22% to close at N4.50, Courteville Business Solutions increased by 8.70% to close at 50 kobo per share.
While Unity Bank increased by 7.55 percent to settle at 57 kobo per share, Thomas Wyatt Nigeria rose by 8.33 percent to close at 39 kobo.
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Beta Glass, on the other hand, topped the losers’ chart by 9.90% and closed at N39.60 per share. Following with a loss of 9.68% apiece to close at 56 kobo, McNichols Plc fell next, while SCOA Nigeria suffered a loss of 9.40% to close at N1.06 per share.
Wapic Insurance lost 5.71 percent to settle at 33 kobos a share, while Jaiz Bank lost 6.82 percent to close at 82 kobos.
With 3,781 transactions, the total volume traded increased by 182.15 percent to 279.283 million units, worth N1.563 billion. Regency Alliance Insurance share transactions, totaling 97.635 million shares valued at N23.434 million, topped the list of activity.
United Bank for Africa (UBA) traded 22.926 million shares valued at N167.354 million, followed by Jaiz Bank with 65.421 million shares worth N53.673 million.
FBN Holdings traded 10.292 million shares worth N112.343 million, while Fidelity Bank traded 12.420 million shares worth N50.930 million.
