Nigeria’s Stock Exchange Sheds 0.12% on Renewed Profit-Taking

By Dipo Olowookere

Nigeria’s stock exchange went down by 0.12 per cent on Thursday after rebounding the previous day as a result of renewed profit-taking by investors.

Data obtained by Business Post from the Nigerian Exchange (NGX) Limited showed that the selling pressure was across the sectors of the market.

The insurance space was the worst hit yesterday as it lost 1.45 per cent. The energy index fell by 0.61 per cent, the banking counter depreciated by 0.38 per cent, the consumer goods sector shed 0.30 per cent, and the industrial goods counter closed flat.

Consequently, the All-Share Index (ASI) declined by 67.15 points to 54,359.90 points from 54,427.05 points, as the market capitalisation decreased by N37 billion to N29.608 trillion from N29.645 trillion.

Investor sentiment was weak yesterday, like the preceding trading session, as traders remained cautious of happenings in the country, especially as the February 25 presidential election stares at them.

The bourse recorded 14 price gainers on Thursday and 17 price losers led by GlaxoSmithKline, which declined by 7.91 per cent to N6.40. Veritas Kapital went down by 4.76 per cent to 20 Kobo, Cornerstone Insurance retreated by 4.76 per cent to 60 Kobo, Coronation Insurance moderated by 4.44 per cent to 43 Kobo, and Fidelity Bank fell by 3.39 per cent to N5.70.

Conversely, Northern Nigerian Flour Mills topped the gainers’ table after its value rose by 9.74 per cent to N10.70, Red Star Express improved by 9.49 per cent to N2.77, Trans Nationwide Express appreciated by 9.46 per cent to 81 Kobo, Sunu Assurances gained 9.38 per cent to close at 35 Kobo, and Tripple Gee jumped by 8.70 per cent to N1.25.

The activity chart indicated that the trading volume, value and number of deals increased by 46.84 per cent, 66.67 per cent, and 10.52 per cent, respectively.

This was because investors transacted during the session 222.6 million shares worth N3.0 billion in 3,287 deals compared with the 151.6 million shares worth N1.8 billion traded in 2,974 deals in the midweek session.

Universal Insurance was the most traded stock on the market yesterday, as it sold 71.8 million units, followed by GTCO, which sold 22.3 million units. Sterling Bank traded 12.9 million equities, AIICO Insurance exchanged 11.4 million stocks, and FBN Holdings traded 10.9 per cent shares.