By Dipo Olowookere
The domestic stock market almost gave up its positive momentum to profit-taking on Wednesday but bargain hunting in consumer goods and industrial goods stocks, especially Cadbury Nigeria, BUA Cement and others quickly salvaged the situation.
Business Post reports that it was looking like the coup planned by the bears was going to succeed with the 1.46 per cent loss posted by the banking index, the 0.85 per cent decline by the insurance space and the 0.72 per cent fall by the energy counter, but the intervention of consumer goods and its cousin, industrial goods, which gained 0.68 per cent and 0.37 per cent respectively, kept the bulls in power for another day.
As a result, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited appreciated by a marginal 0.01 per cent or 3.18 points to close at 48,571.75 points versus the previous day’s 48,568.57 points, while the market capitalisation rose by N2 billion to finish at N26.186 trillion in contrast to the preceding session’s N26.184 trillion.
However, the threats posed by the bears remain as market breadth ended negative with 23 price losers and 18 price gainers, indicating a weak investor sentiment.
Academy Press topped the gainers’ table yesterday with a price appreciation of 9.92 per cent to sell at N1.33, Wema Bank gained 9.88 per cent to finish at N3.67, Cadbury Nigeria improved by 9.68 per cent to N8.50, UPDC rose by 9.09 per cent to 96 kobo, while Presco grew by 8.98 per cent to N143.85.
On the losers’ chart, Ikeja Hotel was on top with a price depreciation of 9.68 per cent to trade at N1.40, Livestock Feeds went down by 9.50 per cent to N1.62, Consolidated Hallmark Insurance dipped by 9.38 per cent to 58 kobo, Union Bank fell by 6.25 per cent to N6.00, while Cornerstone Insurance declined by 6.06 per cent to 62 kobo.
The local bourse suffered a low turnover during the midweek session as the trading volume, value and number of deals depreciated by 46.92 per cent, 66.89 per cent and 22.19 per cent respectively.
Investors traded a total of 246.7 million stocks worth N2.3 billion in 5,033 deals compared with the 464.7 million stocks worth N7.0 billion transacted in 6,468 deals on Tuesday.
Multiverse was the most active stock with the sale of 36.2 million units worth N7.3 million, Transcorp sold 26.1 million units worth N29.9 million, Lafarge Africa transacted 14.5 million units valued at N392.7 million, Fidelity Bank traded 12.6 million units valued at N46.7 million, while GTCO exchanged 12.3 million units worth N294.3 million.
Adedapo Adesanya