Absence of Positive Trigger Sinks Nigerian Stocks by 0.40%

By Dipo Olowookere

The absence of a positive trigger further sank the Nigerian Exchange (NGX) Limited by 0.40 per cent on Tuesday, with investors still cautious of happenings on the political scene.

The loss printed by Nigerian stocks yesterday was triggered by the poor performance of stocks across the major sectors, with the consumer goods, banking and insurance counters depreciating by 0.58 per cent, 0.53 per cent and 0.48 per cent apiece. The industrial goods sector marginally grew by 0.01 per cent and the energy space closed flat.

At the close of business, the All-Share Index (ASI) decreased by 204.95 points to 51,586.50 points from 51,791.45 points, while the market capitalisation went down by N100 billion to N27.811 trillion from N27.921 trillion.

A total of 234.6 million stocks valued at N2.6 billion were traded in 4,646 deals during the session compared with the 194.1 million stocks valued at N2.8 billion transacted in 4,899 deals on Monday, signifying an increase in the volume of trades by 20.85 per cent and a decline in the value of transactions and the number of deals by 8.95 per cent and 5.16 per cent respectively.

CAP was the busiest stock on Tuesday, selling 29.3 million units valued at N500.0 million. GTCO traded 29.0 million shares for N592.4 million, UBA sold 25.4 million equities for N189.3 million, Transcorp traded 23.9 million stocks worth N30.1 million, while Sterling Bank transacted 16.4 million shares for N24.4 million.

Despite the loss posted by the stock exchange on Tuesday, the market breadth was positive as there were 23 price gainers and 16 price losers, indicating a positive investor sentiment.

International Breweries lost 9.52 per cent to trade at N5.70, Consolidated Hallmark Insurance fell by 8.00 per cent to 69 Kobo, Jaiz Bank dropped 6.67 per cent to trade at 84 Kobo, NASCON depreciated by 6.38 per cent to N11.00, while BUA Foods went down by 6.36 per cent to N51.50.

After rising by 10.00 per cent to N2.75, Red Star Express stayed on top of the gainers’ chart yesterday and was trailed by John Holt, which appreciated by 9.76 per cent to 90 Kobo. UPDC improved by 9.73 per cent to N1.24, Unity Bank chalked up 9.52 per cent to 46 Kobo, while Academy Press expanded by 8.33 per cent to N1.43.