Sell-off in Stanbic IBTC Holdings and 21 other stocks dragged transactions on the Nigerian Exchange (NGX), extending the bearish trend to close on a downturn yesterday as the all-share index (ASI) depreciated by 0.92 per cent.
ASI declined by 367.97 absolute points, representing a dip of 0.92 per cent to close at 39,433.81 points while market capitalisation depreciated by N193 billion to close at N20.637 trillion.
The market loss was driven by price depreciation in large and medium capitalised stocks including Unilever Nigeria, Guaranty Trust Bank, Zenith Bank and Julius Berger. x
Analysts at Afrinvest Limited said: “We expect the market performance to remain bearish in the next trading session, as investors continue to take a position in the fixed income space due to rising yields.”
Bears dominate trading on NGX, capitalisation down by N193bn
By Chinyere Joel-Nwokeoma
Lagos, May 5, 2021 The bears were dominant on the Nigerian Exchange (NGX) Ltd., on Wednesday with market capitalisation declining further by N193 billion.
Specifically, the capitalisation which opened at N20.830 trillion dipped N193 billion to close at N20. 637 trillion.
Similarly, the All-Share Index lost 367.97 points or 0.92 per cent to close at 39,433.81 from 39,801.78 on Tuesday.
Consequently, month-to-date and year-to-date losses increased to 0.9 per cent and 2.0 per cent, respectively.
The price depreciation was sustained by sell-off in Stanbic IBTC Holdings and 21 other stocks.
The loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Stanbic IBTC Holdings, Unilever Nigeria, Guaranty Trust Bank, Zenith Bank and Julius Berger.
Trading rebounds on NGX, market capitalisation increases N18bn vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.
Caverton posts N32.17bn revenue in full-year report
Joseph Olaoluwa
Published 12:15 am
Caverton Offshore Support Group Plc, a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has witnessed a drop in its earnings for full-year ended December 31, 2020.
This is according to the unaudited group accounts forwarded by the firm to the Nigerian Stock Exchange.
The group recorded an 8.02 per cent revenue decline – N32.17bn for 2020 compared to N34.97bn recorded in 2019.
It recorded a loss of N18.59bn as cost of sales in 2020 as against another loss of N20.25bn recorded in 2019.
NSE opens week with N145bn growth on MTNN gain naija247news.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naija247news.com Daily Mail and Mail on Sunday newspapers.