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Business News of Tuesday, 28 September 2021

Source: guardian.ng

AXA Mansard, Chams others lead Exchange’s N51 billion loss

Photo used to illustrate the story Photo used to illustrate the story

Sell-offs in many blue-chip stocks, especially, AXA Mansard and Chams, halted the two trading sessions of upbeat on the Nigerian Exchange Limited (NGX) to reopen on a downward note yesterday, as market capitalisation depreciated by N51 billion.

In summary, the All-Share Index (ASI), which measures the performance of quoted companies dipped by 97.95 absolute points, representing a decrease of 0.25 per cent, to close at 38,864.33 points. Similarly, the overall market capitalisation declined by N51 billion to close at N20.249 trillion.
The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are BUA Cement, AXA Mansard Insurance, Guaranty Trust Holding Company (GTCO), Zenith Bank and United Bank for Africa (UBA)

Analysts at GTI Securities Limited said: “We expect positive sentiment as expectation increases towards the compilation of third quarter (Q3) financial reports. Furthermore, investors will also track yield movement in the fixed income market.”

However, the market breadth closed positive, recording 20 gainers while 12 others constituted the losers’ chart.
On the price movement chart, AXA Mansard led the losers’ chart, shedding 9.94 per cent to close at N2.99 kobo. Chams followed with a decline of 4.35 per cent to close at 22 kobo. Sovereign Trust Insurance lost four per cent to close at 24 kobo.

Mutual Benefits Assurance lost 3.33 per cent to close at 29 kobo while BUA Cement shed 2.94 per cent to close at N66.00 kobo.
On the other hand, University Press recorded the highest price gain, adding 9.80 per cent to close at N1.12 kobo while Transcorp Hotel followed with a gain 9.70 per cent to close at N5.43 kobo while Courteville Business Solutions went up by 9.38 per cent to close at 35 kobo.

Oando also rose by 6.07 per cent to close at N5.24 kobo. Cutix Plc gained 5.38 per cent to close at N4.90 kobo.

The total volume of trades decreased by 77.99 per cent to 139.453 million units, valued at N1.713 billion, exchanged in 3,539 deals. Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 19.079 million shares valued at N4.395 million.
Fidelity Bank followed with 11.854 million shares worth N29.010 million, while Guaranty Trust Holding Company traded 11.146 million shares valued at N307.076 million.

Transnational Corporation of Nigeria (Transcorp) traded 10.051 million shares valued at N9.302 million, while Courteville Business Solutions transacted 7.952 million shares worth N2.680 million.