Capitalisation plunges further by N58b as investors take profits

Profit taking depressed trading at the Nigerian Exchange (NGX), yesterday, as capitalisation lost N58 billion.

The All-Share Index (ASI) declined by 110.72 absolute points, representing 0.29 per cent, to close at 38,601.83 points while market capitalisation depreciated by N58 billion to close at N20.202 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks including MTN Nigeria, Guinness Nigeria, Chemical & Allied Products, Julius Berger Nigeria and NCR Nigeria.

Analysts at Afrinvest Limited said: “We are not optimistic of significant gains in the market this week as investor sentiment remains sub-par.”

As measured by market breadth, market sentiment was negative, as 18 stocks depreciated while 15 constituted the gainers’ list.

Japaul Gold and Ventures recorded the highest price gain of 8.70 per cent to close at 75 kobo, per share. Nigerian Aviation Handling Company (NAHCO) followed with a gain 7.39 per cent to close at N2.18, while Sterling Bank rose by 7.14 per cent to close at N1.80 kobo.

Stanbic IBTC Holdings gained by 7.14 per cent to close at N1.8 while Chams Plc gained five per cent to close at 21 kobo. On the other hand, Guinness Nigeria led the losers’ chart by 9.91 per cent to close at N24.10 kobo.

Tripple Gee & Company followed with a decline of 9.72 per cent to close at 65 kobo, while NCR Nigeria shed 9.68 per cent to close at N2.52 kobo.

Meanwhile, the Nigerian Exchange Group (NGX Group) Plc, yesterday announced the launch of its new corporate brand identity and website.

The launch of the new identity follows the demutualisation of the Nigerian Stock Exchange (NSE) and the resulting creation of the non-operating holding company NGX Group Plc and its subsidiaries.

The NGX brand identity follows a monolithic brand architecture, which will facilitate the formation of any new subsidiary by leveraging existing brand equity.

The identity is inspired by the arrows of the stock exchange ticker tape as well as monetary exchange between a buyer and seller.

These arrows are stylised to form an ‘N’ and denote the act of collaboration.

Speaking on the development, the Group Chief Executive Officer, NGX Group, Oscar N. Onyema, stated, “We are very excited about the launch of our new brand identity and website at this pivotal time in our history.

Influenced by the dynamism and resilience of our market in both good and challenging times, our new identity, which builds on our rich heritage, reflects who we are today, our ambitions for the future, and our resolve to deliver superior value to our stakeholders. As we step into the NGX era, we remain committed to achieving the highest level of competitiveness, both in African and global capital markets.