Business
NGX ends negative on thursday as ASI closes 47, 260.9 points
By Obinna Nwachukwu
The Nigerian Exchange limited ( NGX) on thursday posted negative following a decline of 323bps as the NGX-ASI closed at 47,260.89 points.
As a result, the Year-to-date (YTD) return of the market weakened to 10.6% from 14.3% the previous trading day.
Top gainers in thursday ‘s trading session were led by GEREGU POWER (+9.9%), LIVESTOCK FEEDS (+9.8%) and CUTIX (+8.0%).
However, AIRTELAFRI (-10.0%), PRESCO (-10.0%) and OKOMUOIL (-10.0%) posted as the day’s biggest losers.
For Thursday’s trading session, the total volume traded and value traded gained 3.8% and 13.4% respectively to 140.6mn unit and ₦2.5bn.
GTCO, STERLNBANK and ZENITHBANK led the volume chart with 27.7mn units, 25.4mn units and 14.4mn units respectively.
On the other hand, GEREGU, GTCO and ZENITHBANK led the value chart by ₦586.8mn, ₦471.5mn and ₦276.5mn respectively.
Across sectors , performance was largely bearish as four indices closed in red.
Meanwhile, the Oil and Gas index closed on a marginal note.
The highest decliner was the Banking index which declined by 90bps, followed by the Industrial Goods, Insurance and the Consumer Goods indices which declined by 32bps, 31bps and 10bps respectively.
Their losses are largely attributed to investors’ selloffs in UBN (-8.6%), WAPCO (-4.1%), SOVRENINS (-7.4%) and HONYFLOUR ( -8.7%)
Livestock Feeds Plc, a UACN subsidiary that specializes in the production of animal feeds and other associated products and one of the top gainers, recorded a net increase in cash and cash equivalent of ₦248.6 million(mn), representing a 361% increase over the company’s financial performance in 2020.
According to the findings, the net cash and cash equivalent averaged -198.1mn from 2016 to 2021. It increased by an average of 9% throughout those years.
In 2020, the company recorded a net decrease of ₦53.9mn in cash and cash equivalents, representing a 169% year-on-year decrease. Similarly, the company had a net decrease in cash and cash equivalent of ₦77.8mn in 2019.
However, it increased by 88% year-on-year.