By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further succumbed to the bears by 0.38 per cent on Monday despite the release of the 2023 audited financial statements of Zenith Bank and GTCO.
The results of the two top lenders in the country could not trigger a positive response from investors despite the declaration of N3.50 final dividend by Zenith Bank and N2.70 by GTCO.
Traders were not impressed with the proposed cash reward of GTCO and vented their anger on the bourse, plunging it further into the red territory.
At the close of transactions, the All-Share Index (ASI) was down by 390.44 points to 103,047.23 points from 103,437.67 points, and the market capitalisation shed N221 billion to settle at N58.277 trillion versus last Friday’s closing value of N58.498 trillion.
Investor sentiment was bearish yesterday after the bourse closed with 24 price losers and 17 price gainers, implying a negative market breadth index.
Abbey Mortgage Bank topped the losers’ group after it lost 9.75 per cent to trade at N2.50, Champion Breweries depreciated by 9.68 per cent to quote at N3.36, Regency Alliance weakened by 9.30 per cent to 39 Kobo, Chams declined by 7.21 per cent to N2.06, and Consolidated Hallmark fell by 7.01 per cent to N1.46.
On the flip side, Morison Industries was on top of the gainers’ table after it rose by 9.91 per cent to N2.33, Omatek gained 7.69 per cent to close at 84 Kobo, CWG improved by 5.93 per cent to N7.15, Linkage Assurance grew by 5.56 per cent to 95 Kobo, and Sterling Holdings advanced by 5.32 per cent to N4.95.
At the market on Monday, investors transacted 245.9 million equities worth N3.2 billion in 5,302 deals compared with the 2.2 billion equities valued at N18.7 billion traded in the previous session in 8,527 deals, representing a decline in the trading volume, value, and the number of deals by 89.03 per cent, 82.89 per cent, and 37.82 per cent, respectively.
Business Post reports that the banking and the consumer goods sectors went down by 2.67 per cent and 0.27 per cent, respectively, while the insurance, energy and industrial goods indices closed flat.
The stock market in Nigeria will remain closed for business on Tuesday and Wednesday due to the public holidays declared by the federal government for the two days to celebrate the end of Ramadan, Eid el—Fitr.