NGX Record N13bn Loss In One Week

By Clement Alphonsus

Nigerian Exchange Limited (NGX) closed lower last week as investors took stock of the hike in the Monetary Policy Rate by the Monetary Policy Committee of the Central Bank of Nigeria and continued with their profit-taking.

At the end of the trading activities last week, the market capitalisation declined by N13bn.

The All-Share Index closed 0.04 per cent lower at 54,892.53 compared to the 54,915.39 that it started the week with.

The NGX ASI went up slightly on Wednesday, a day after the new MPR rate was announced but it continued to dip till the close of trading on Friday.

A total turnover of 1.689 billion shares worth N11.066bn in 14,019 deals was traded the past week by investors on the floor of the Exchange, in contrast to a total of 853.745 million shares valued at N11.841bn that exchanged hands the previous week in 18,543 deals.

Trading in the top three equities namely Neimeth International Pharmaceuticals Plc, Transnational Corporation Plc and United Bank for Africa Plc, (measured by volume) accounted for 1.248 billion shares worth N2.347bn in 1,102 deals, contributing 73.89 per cent and 21.21 per cent to the total equity turnover volume and value respectively.

Twenty-eight equities appreciated during the week higher than 19 equities in the previous week.

27 equities depreciated lower than 47 in the previous week, while 102 equities remained unchanged, higher than 91 equities recorded in the previous week.

The top gainer in the past week was Sunu Assurances Nigeria Plc which gained 9.09 per cent to end the week at N0.48. Lasaco Assurance Plc followed with a 7.14 per cent increase in its share capital to close at N1.05, while on the losers’ table, NCR Nigeria Plc lost 18.69 per cent of its share value to end the week at N2.35, and Ikeja Hotel lo