Northern Nigeria Flour Mills, Others Pull Down NGX by 0.34%

The absence of a positive market trigger compounded the woes of Customs Street on the first trading session of the week.

Business Post observed that all the key sectors of the bourse suffered sell-offs during the trading day, though the commodity space closed flat.

The banking sector depreciated by 1.44 per cent, the insurance counter went down by 0.86 per cent, the energy index declined by 0.27 per cent, the consumer goods sector plunged by 0.15 per cent, and the industrial goods industry slumped by 0.07 per cent.

At the close of business, the All-Share Index (ASI) was down by 370.43 points to 108,126.97 points from 108,497.40 points and the market capitalisation tumbled by N230 billion to close at N67.384 trillion versus the previous session’s N67.614 trillion.

Investor sentiment was bearish yesterday after the NGX ended with 17 price gainers and 37 price losers, representing a negative market breadth index.

Northern Nigeria Flour Mills lost 9.99 per cent to trade at N72.55, Eunisell declined by 9.96 per cent to N10.85, Sovereign Trust Insurance weakened by 9.09 per cent to N1.20, Secure Electronic Technology plunged by 7.46 per cent to 62 Kobo, and UPDC REIT slipped by 6.67 per cent to N6.30.

Conversely, Ikeja Hotel gained 10.00 per cent to settle at N12.10, UH REIT expanded by 9.97 per cent to N40.25, PZ Cussons appreciated by 9.26 per cent to N29.50, Consolidated Hallmark went up by 8.85 per cent to N4.18, and DAAR Communications improved by 8.82 per cent to 74 Kobo.

The level of activity increased on Monday, with the trading volume, value, and number of deals going up by 13.34 per cent, 9.52 per cent, and 19.25 per cent, respectively.

This was because investors bought and sold 357.8 million shares worth N9.2 billion in 15,914 deals yesterday versus the 315.7 million shares valued at N8.4 billion traded in 13,345 deals last Friday.

Jaiz Bank topped the activity chart with 48.2 million stocks valued at N161.6 million, Zenith Bank sold 28.2 million equities for N1.4 billion, Universal Insurance traded 18.7 million shares worth N12.7 million, GTCO exchanged 17.9 million shares worth N1.1 billion, and Access Holdings transacted 15.5 million equities valued at N403.6 million.