Stock Market Decline on Loses in Lafarge Africa, 12 Others

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday declined by 0.02 per cent; following Investors’ profit taking in Lafarge Africa Plc and 12 others.

The NGX All Share Index (ASI) decreased by 9.87 basis points or 0.02 per cent to close at 43,808.25 basis points. Similarly, the market capitalisation lost N6 billion to close at N23.861 trillion.

The market breadth closed positive, with 15 stocks advanced losers and 13 declined. Learn Africa and Computer Warehouse Group (CWG) recorded the highest price gain of 10 per cent each to close at N1.65 and 88 kobo respectively, while Caverton Offshore Support Group followed with a gain 8.75 per cent to close at 870 kobo, per share.

Prestige Assurance went up by 8.33 per cent to close at 39 kobo, while Japaul Gold & Ventures appreciated by 7.41 per cent  to close at 29 kobo, per share.

 On the other hand, Lafarge Africa led the losers’ chart by 9.66 per cent to close at N20.10, per share. Royal Exchange  followed with a decline of 9.41 per cent to close at 77 kobo, while Cornerstone Insurance went down by 9.09 to close at 40 kobo, per share. 

UPDC Real Estate Investment Trust lost 8.93 per cent to close at N2.55, while FTN Cocoa processors shed 8.82 per cent to close at 31 kobo, per share.

The total volume decreased by 44.7 per cent to 103.465 million shares, worth N1.187 billion, and traded in 3,045 deals. Transactions in the shares of FCMB Group topped the activity chart with 11.385 million shares valued at N124.225 million. Transnational Corporation of Nigeria (Transcorp) followed with 11.307 million shares worth N12.349 million, while Fidelity Bank traded 10.337 million shares valued at N42.294 million.

Access Holdings traded 8.726 million shares valued at N71.029 million, while Guranty Trust Holding Company (GTCO)  transacted 5.967 million shares worth N107.940 million.

Analysts at Afrinvest Limited said “despite improved market sentiment, we expect sell pressures to persist as more investors rotate into fixed income assets (with attractive yields) amid runaway inflation.”