Corner Stone Insurance 97.42% Loss Results To -0.01% NGXASI Drop

The NGX equity market reversed slightly the gains it recorded in the previous day's trade as a massive loss from CORNERST (-97.42%) and a mild loss from STANBIC (-0.80%) were strong enough to create a bearish closure. Thus, the all-share index fell by -0.01% from its’ previous session position of 44,608.80 basis points to close at 44,604.74 basis points.

Consequently, the all-share index figure of 44,604.74 basis points declined by 4.08 bps from the 52-week highest resistance point of 44,608.80 bps.

As a result, the Week-to-Date (W-t-D), Month-to-Date (M-t-D), and Year-to-Date (Y-t-D) gains have all been moderated to +4.23%, +4.43%, and +4.43%, respectively.

Meanwhile, the ASI's narrow decline of -0.01% was influenced majorly by a drop in the value of shares traded yesterday, as the total volume of trade increased by +20.84% to 321.84 million units, as against its previous session figure of 266.33 million units traded. These shares’ values, which decreased by 2.63%, were worth NGN3.77 billion and exchanged in 4,565 deals as against NGN3.8 billion traded previously.

As a result of the traders’ lack of motivation witnessed yesterday, the equity market capitalization suffered a loss of NGN1.32 billion to close at NGN24,032.21 trillion, as against the previous session's gain that saw it close at NGN24,033.52 trillion.

TRANSCORP (+9.71%) was the most traded stock by volume with 104.6 million units, while the inactivity of SEPLAT (+0.00%) and MTNN (+0.00%) was still enough for them to dominate the value section of trade yesterday with NGN920.6 million and NGN590.8 million.

Finally, as measured by market breadth, market sentiment was negative, as 16 companies’ stocks lost relative to 14 gainers.

The most gains were made by TRANSCORP (+9.71%), which closed trading at NGN1.13/unit, CHIPLC (+7.94%), which closed trading at NGN0.68/unit, REGALINS (+7.14%), which closed trading at NGN0.45/unit, and JAIZBANK (+6.06%), which closed trading at NGN0.70/unit, while CORNERST (-97.42%), which closed trading at NGN0.55/unit, NEM (-10.00%), which closed trading at NGN3.96/unit, CUSTODIAN (-9.49%), which closed trading at NGN7.15/unit, UACN (-5.21%), which closed trading at NGN9.10/unit, and FTNCOCOA (-5.13%), which closed trading at NGN0.37/unit, suffered the most losses.