Industrial Goods Stocks Shrink Nigerian Exchange by 0.20%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited succumbed to the authority of the bears on Tuesday by 0.20 per cent as a result of profit-taking, especially in the industrial goods stocks.

Business Post reports that the industrial goods declined by 0.08 per cent due to selling pressure on Lafarge Africa, which said its performance in the first three months of this year was impacted negatively by the cash crunch and the general elections.

This loss posted by the sector suppressed the gains recorded by the other key segments of the stock market, especially the banking arm, which grew by 2.84 per cent.

The insurance counter appreciated by 1.25 per cent, the energy counter improved by 1.05 per cent, and the consumer goods space went up by 0.31 per cent.

At the close of trades, the All-Share Index (ASI) decreased by 107.03 points to settle at 52,296.48 points compared with the previous session’s 52,403.51 points, and the market capitalisation moderated by N58 billion to close at N28.476 trillion, in contrast to last Friday’s value of N28.534 trillion.

The market did not operate on Monday due to the public holiday observed to celebrate Workers’ Day, and at the resumption of trading activities on Tuesday, the trading volume went down by 82.41 per cent to 550.3 million units from 3.1 billion units.

Also, the trading value depreciated by 60.31 per cent to N5.2 billion from N13.1 billion, while the number of deals increased by 12.15 per cent to 6,250 deals from 5,573 deals.

Access Holdings was the most actively traded stock of the day as it exchanged 150.1 million units valued at N1.6 billion, Transcorp sold 134.3 million units worth N417.5 million, AXA Mansard traded 41.9 million units for N100.9 million, Coronation Insurance transacted 29.1 million units valued at N12.9 million, and Fidelity Bank sold 20.1 million units worth N111.1 million.

Geregu Power topped the losers’ chart yesterday, declining by 10.00 per cent to N290.70 and was trailed by Transcorp, which fell by 9.96 per cent to N2.53. Africa Prudential depleted by 9.40 per cent to N5.30, International Breweries fell by 8.51 per cent to N4.30, and Ikeja Hotel dwindled by 6.85 per cent to N1.36.

Conversely, Conoil and Union Bank gained 10.00 per cent each during the session to trade at N44.00 and N7.70, respectively. Multiverse grew by 9.71 per cent to N3.05, NAHCO rose by 9.62 per cent to N13.10, and Nigerian Breweries moved up by 9.38 per cent to N35.00.

Unlike the preceding trading session, investor sentiment was strong, with a positive market breadth after the bourse closed with 30 price gainers and 23 price losers.