Transactions reverse on NGX, investors lose N34bn

Negative sentiments resurfaced on the nation’s bourse on Thursday with investors’ net worth dropping by N34 billion.
The decline in the equities market came after the yield of 364-days Treasury Bills rose to about nine per cent, as inflation also surged to 18.17 per cent in March.
Specifically, the market capitalisation which opened at N20.220 trillion shed N34 billion to close at N20.186 trillion.
Also, the benchmark index declined by 0.2% to 38,571.89 points following profit-taking on WAPCO (-3.1%) and UBN (-7.1%) stocks, among others, from 38,636.15 achieved on Wednesday.
Accordingly, the month-to-date and year-to-date losses increased to 1.2 per cent and 4.2 per cent, respectively.
The market loss was also driven by price depreciation in large and medium capitalised stocks among which are Unilever Nigeria, Lafarge Africa, Northern Nigeria Flour Mills, PZ Cussons, and Union Bank of Nigeria.
Market sentiment was negative with 27 losers against 16 gainers.
UACN Property Development Company led the losers’ chart in percentage terms by 10 per cent to close at 72k per share.
PZ Cussons followed with a loss of 9.78 per cent to close at N4.15, while Studio Press declined by 9.50 per cent to close at N1.62 per share.
NNFM shed 9.26 per cent to close at N4.90, while Chams depreciated by 9.09 per cent to close at 20k per share.
On the other hand, Guinness drove the gainers’ chart with 10 per cent to close at N29.15 per share.
Morison Industries and FTN Cocoa Processors followed with 9.30 per cent each to close at 94k and 47k per share, respectively.
Honeywell Flour Mill rose by 9.17 per cent to close at N1.19, while Livestock Feeds appreciated by 6.74 per cent to close at N1.90 per share.
However, the total volume of trade increased by 14.9 per cent with a turnover of 319.43 million shares valued at N1.78 billion exchanged in 4,158 deals.
This was in contrast a total of 278.04 million shares worth N2.27 billion traded in 3,989 deals on Wednesday.
Transactions in the shares of Fidelity Bank topped the activity chart with 46.71 million shares valued at N113.51 million.
Access Bank followed with 36.89 million shares worth N297.71 million, while Mutual Benefits Assurance traded 27.69 million shares valued at N10.17 million.
FBN Holdings traded 26.09 million shares worth N197.69 million, while AXA Mansard Insurance transacted 18.69 million shares worth N16.63 million.