Red Star, others drag NGX to N32bn loss

The dip recorded by Red Star Express, FTN Cocoa Processors, and 14 other companies resulted in the Nigerian Exchange losing N32bn on Thursday.

The local bourse’s All-Share Index shed 0.06 per cent to close at 98,114.11 and the market capitalization stood at N59.5tn at the end of the day’s trading session.

Investors traded 722.99 million shares valued at N12.84bn in 8,495 deals.

This reflects a 39 per cent improvement compared to Wednesday’s figures, although turnover and the number of deals declined by 36 per cent and 10 per cent, respectively.

The market recorded 35 gainers and 16 losers out of the 127 equities traded.

On the gainers’ chart, University Press, Cornerstone Insurance, Sterling Financial Holdings, and Sunu Assurances all appreciated significantly, with University Press and Cornerstone Insurance gaining 10 per cent to close at N3.96 and N3.30, respectively.

Sterling Financial Holdings and Sunu Assurances each added 9.98 per cent to close at N4.85 and N4.63, respectively.

On the flip side, Red Star Express recorded a 10 per cent loss to close at N4.41 to top other decliners. FTN Cocoa Processors followed with a loss of 5.61 per cent to close at N1.85, while NPF Microfinance Bank and Neimeth International Pharmaceuticals dropped 3.23 per cent and 2.78 per cent to close at N1.50 and N2.10, respectively.

Champion Breweries led the volume chart with 301 million traded shares, followed by Fidelity Bank (48.6 million), Guaranty Trust Holding (40.2 million), and Access Holdings (35.6 million).

Sectoral performance was mixed as the Insurance Index advanced by 3.13 per cent, closing with a one-week gain of 7.88 per cent and a year-to-date increase of 66.69 per cent.

Similarly, the Oil & Gas Index gained 1.13 per cent, pushing its YTD return to an impressive 138.95 per cent.

However, the Top 30 Index dipped by 0.08 per cent, while the Pension Index declined by 0.14 per cent.

Despite the overall decline in market performance, the NGX has recorded a one-week gain of 0.34 per cent, a four-week increase of 1.23 per cent, and a YTD gain of 31.21 per cent.

On Wednesday, the Nigerian Exchange recorded a N286bn boost in market capitalisation, closing at N59.5tn.

This followed a positive performance by top gainers including Golden Guinea Breweries (Goldbrew), Thomas Wyatt Nigeria, FTN Cocoa Processors, and Deap Capital Management & Trust.