NGX begins week negative as inflation spike continues

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The Nigerian Exchange Ltd began the week on a losing note as market capitalisation shed N19 billion or 0.07 per cent to close at N26.667 trillion from N26.686 trillion on Friday.

Uba Group

Also, the All-Share Index dropped by 35.21 basis points or 0.07 per cent to close at 49,440.21 from 49,475.42 recorded at the previous session.

The year-to-date return fell to 15.74 per cent.
Analysts at GTI Research said, “Domestic market begins the week negative as Investors reaction to inflation spike continues.

“We expect cautious trading to continue while investors adjust to the new 20.52 per cent inflation rate.”

The market breadth closed flat as 11 stocks advanced and 11 stocks declined.

ETranzact International led the gainers’ table during the day, gaining by 9.97 per cent to close at N3.20 per share.

Academy Press followed with a gain of 9.52 per cent to close at N1.84, while Vitafoam inched higher by five per cent to close at N21 per share.

Honeywell Flour Mill grew by 3.36 per cent to close at N2.46 per share.

Cornerstone Insurance appreciated by 3.33 per cent to close at 62k per share.

On the other hand, Associated Bus Company topped the losers’ chart, depreciating by 10 per cent to close at 27k per share.

University Press trailed with a loss of 9.44 per cent to close at N1.63, while Mutual Benefits Assurance declined by 6.90 per cent to close at 27k per share.

RT Briscoe was down by 6.25 per cent to close at 30k, while Courteville Business Solutions lost by 6.12 per cent to close at 40k per share.

Investors traded a total of 67.37 million shares valued at N1.48 billion in 3,386 deals, representing 37.33 per cent decrease in volume.

This was against the 107.49 million shares worth N1.15 billion exchanged in 3,303 deals the previous trading day.

First Bank of Nigeria Holdings was the most active stock, exchanging 9.67 million shares worth N96.56 million.

Zenith Bank followed with an account of 9.25 million shares valued at N182.39 million, while Guaranty Trust Holding Company sold 6.11 million shares valued at N120.4 million.

Mutual Benefits traded 4.49 million shares worth N1.25 million, while Sovereign Trust Insurance exchanged 2.95 million shares worth N797, 719.