NGX-ASI down by 0.12% as investors sell Transcorp Hotels, others

Nigeria’s equities market moved further south on Thursday by 0.12 percent as investors sold mostly the shares of Transcorp Hotels Plc and other major laggards seen at the close of trading.

Sell pressure pushed Transcorp Hotels share price down by N10 or 10 percent after moving from N100 to N90. It was followed by that of Eterna Plc which decreased from N22 to N19.90, losing N2.10 or 9.55percent.

Other major laggards include Ikeja Hotel Plc which dropped from N7.70 to N7, losing 70kobo or 9.09 percent. Chams also decreased from N2.16 to N1.95, losing 21kobo or 9.72 percent.

Read also: NGX-ASI dips further by 0.14%

Shares of Universal Insurance, Chams, Oando, Transcorp, and Access Holdings were mostly traded on Thursday. Equities traders in 8,243 deals exchanged 393,620,711 shares worth N5.853billion.

This week, the market has decreased by 1.42 percent, while this month it has dropped by 1.69 percent. The market’s return year-to-date (YtD) has decreased to 28.01 percent.

Read also: NGX-ASI down by 0.50% as market rout continues

“The market outlook for tomorrow leans towards a cautious and potentially bearish trend, with limited upside unless a positive catalyst emerges. Investors may continue to adopt a wait-and-see approach, with selective buying in stocks showing resilience,” according to Lagos-based Vetiva analysts in their August 21 note.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased further from preceding day’s 95,831.51 points and N55.047trillion respectively to 95,718.05 points and N54.982 trillion.