Nigerian Exchange Sheds 0.12% Despite Bullish Investor Sentiment

By Dipo Olowookere

The domestic stock market further depreciated by 0.12 per cent despite investor sentiment remaining bullish at the close of transactions, data from the Nigerian Exchange (NGX) Limited has shown.

This was mainly due to profit-taking in the banking space, which went down by 0.82 per cent. The energy sector suffered the same fate as it depreciated by 0.46 per cent, and the consumer goods fell by 0.11 per cent. However, the insurance index increased by 0.44 per cent, and the industrial goods counter closed flat.

When trading activities ended for the session, the All-Share Index (ASI) was down by 113.46 points to 95,718.05 points from 95,831.51 points and the market capitalisation decreased by N65 billion to close at N54.983 trillion compared with the previous day’s N55.048 trillion.

As earlier stated, investor sentiment was strong amid the selling pressure after the bourse finished with 22 price gainers and 18 price losers, implying a positive market breadth index.

Transcorp Hotels shed 10.00 per cent to sell for N90.00, Chams depreciated by 9.72 per cent to N1.95, Eterna dropped 9.55 per cent to settle at N19.90, Ikeja Hotel dwindled by 9.09 per cent to N7.00, and Thomas Wyatt crumbled by 8.88 per cent to N1.54.

On the flip side, Academy Press and SFS REIT gained 10.00 per cent each to close at N2.75 and N122.65 apiece, Oando rose by 9.99 per cent to N43.50, RT Briscoe jumped by 9.78 per cent to N2.47, and Industrial and Medical Gases appreciated by 9.09 per cent to N24.00.

A total of 393.6 million stocks valued at N5.9 billion were transacted in 8,243 deals yesterday versus the 360.6 million stocks worth N7.3 billion in 8,813 deals, representing an increase in the trading volume by 9.15 per cent, and a decline in trading value and number of deals by 19.18 per cent and 6.47 per cent, respectively.

Universal Insurance was the most active equity for the trading session with a turnover of 68.2 million units worth N21.1 million, Chams sold 33.8 million units for N67.6 million, Oando exchanged 29.9 million units for N1.3 billion, Transcorp transacted 28.1 million units valued at N316.6 million, and Access Holdings traded 22.7 million units worth N430.6 million.