Trading reverses on NGX,  as investors lose N12bn

  The bears resurfaced on the nation’s bourse on Wednesday snapping the two-day bullish run due to profit taking in Lafarge Africa and 18 others.Thus, the All-Share Index dipped 23.25 points or 0.05 per cent to close at 43,707.30 from 43,730.55 posted on Tuesday.

Accordingly, the month-to-date and year-to-date gains moderated to 4.0 per cent and 8.5 per cent, respectively.

Also, the market capitalisation which opened at N22.821 trillion lost N12 billion to close at N22.809 trillion recorded on Tuesday.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Lafarge Africa, Nigerian Exchange Group (NGXGroup), Ardova, UACN and Red Star Express.

Consequently, the market breadth closed negative, recording 19 losers as against 18 gainers.

Red Star Express led the losers’ chart in percentage terms by 9.86 per cent to close at N3.29 per share.

Pharma Deko followed with 9.83 per cent to close at N2.11 per share.

Associated Bus Company and FTN Cocoa processors shed 9.09 per cent each to close at 30k and 40k, while Consolidated Hallmark Insurance lost 8.33 per cent to close at 55k per share.

Conversely, Neimeth International Pharmaceuticals dominated the gainers’ chart in percentage terms with 10 per cent to close at N1.98 per share.

Chams followed with 9.09 per cent to close at 24k, while Mutual Benefits Assurancen rose by eight per cent to close at 27k per share.

Honeywell Flour Mills was up by 6.95 per cent to close at N3.54, while Caverton Offshore Support Group appreciated by 5.88 per cent to close at N1.80 per share.

Similarly, the total volume traded decreased by 3.6 per cent to 270.70 million units valued at N5.63 billion in 3,861 deals.

This was in contrast with 280.71 million worth N3.48 billion exchanged in 4,342 deals on Tuesday.

Transactions in the shares of Flour Mills of Nigeria topped the activity chart with 50.59 million shares valued at N1.48 billion.

Transcorp followed with 38.92 million shares worth N39.25 million, while FBN Holdings traded 21.49 million shares valued at N243.68 million.

Ecobank Transnational Incorporated traded 19.15 million shares worth N164.49 million, while Guaranty Trust Holding Company (GTCO) transacted 14.57 million shares worth N402.95 million.