Champion Breweries, Fidelity Bank, Lasaco, Trigger NGX’s N8.825bn Loss

Investors apathy for Champion Breweries, Fidelity Bank Plc, Lasaco Assurance Plc, triggered the fall of the Nigerian Exchange market on Monday, the first day of trading in the third week of August.

They dominated the losers’ chart with the ABC Transport dominating in percentage parameters, falling by 8.33 per cent to close at 33 Lobo per share.

Similarly, Lasaco Assurance Plc declined by 6.67 per cent to close at N1. 40 Kobo per share, while Livestock Feeds dipped 4.81 per cent to close at N1 98 Kobo per share.

Fidelity Bank Plc and Champions Breweries shed 4 .80 and 4.55 per cent to close at N2 .38 Kobo and N2. 10 Kobo per share respectively.

Altogether, they prompted a fall of the All-Share Index and the market capitalisation of Nigerian Exchange Limited) NGX) by 0.04 per cent.

The NGX All-Share Index and Market Capitalisation closed last week surging by 1.83 per cent at 39,522.34 and N20.592 trillion respectively. Similarly, all other indices finished higher with the exception of NGX Premium, NGX Insurance, NGX ASem, NGX AFR Div Yield, and NGX Industrial Goods indices which depreciated by 0.17 per cent, 2.37 per cent, 2.82 per cent, 0.24 per cent, and 1.35 per cent respectively, while the NGX Growth Index closed flat.

A total turnover of 1.610 billion shares worth N12.586 billion in 18,622 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 989.593 million shares valued at N8.183 billion that exchanged hands last week in 19,617 deals.

However, during Monday’s trading session, the ASI lost 16.94 index points or 0.04 per cent to close at 39,505.4 basis points down from its opening at 39,522.34 basis points.

Also, the market Capitalisation which is the total value of all listed equities on the NGX depreciated by N8.825 billion or 0.04 per cent to stand at N20.582 trillion as against N20.591 trillion which it opened with.

The market turnover decreased by 25.2 per cent, as investors bought and sold 141.28 million shares valued at N1.635 billion in 3,393 deals compared to 188.83 million worth of shares at N 3.217 billion in 3,267 deals traded the previous trading session.

The market breadth closed negative with 16 laggards compared to 23 advanced stocks.

Analyst at Solid Rock Securities and Chairman, ASHON Patrick Ezeagu however recommended cautious trading, urging investors to patronise registered brokers when dealing in equities in the market

“The market is at the moment normal. There is nothing abnormal with the market. It’s the tradition, it rises and falls. I have never seen a market that went up and didn’t come down. The market is a reflection of what is happening in the economy. You can’t separate both. The economy is still recovering, so is the stock market, but sooner than later, the market will rebound again.

“However, I will urge investing public to engage brokers to trade for them when dealing in stocks. This is to avoid making an unnecessary loss. A broker would advise you on when and which stocks to trade in,” he said.

At Monday’s trading session, the gainers’ table was led in percentage terms by SPS Real Investment Trust Plc, gaining 9.96 per cent to close at N67. 90 Kobo per share

MRS Oil Nigeria Plc followed with a 9.92 per cent appreciation to close at N13.85 Kobo per share, while May and Baker Plc climber 9.77 per cent to close at N4. 83 Kobo per share.

Honeywell Flour Plc, Mutual Benefits Assurance Plc leapt by 9.76 and 8.82 per cent to close at N2. 25 Kobo and 37 Kobo per share respectively.

Etranzact Plc was the most active stock in terms of volume of shares, trading a total of 16.188 million valued at N33.347 million, while Access Bank Plc closed the market as the most valuable equity at N69.025 million.