Nigerian Exchange Retreats by 0.03% as Bears Rear Ugly Heads

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited returned to the red zone on Wednesday after giving up 0.03 per cent when the closing gong was struck at 4:00 pm.

The bears resurfaced on Customs Street yesterday due to mild profit-taking by investors, with the banking index down by 0.59 per cent and the consumer goods sector shedding 0.21 per cent.

However, the insurance space grew by 2.72 per cent, the energy counter appreciated by 0.26 per cent, and the industrial goods segment gained 0.23 per cent.

At the close of business, the All-Share Index (ASI) was down by 63.46 points to 246,019.17 points from 246,082.63 points, and the market capitalisation declined by N41 billion to N158.915 trillion from the preceding day’s N158.956 trillion.

Business Post observed that despite the bearish outcome, the bourse ended with 33 price gainers and 29 price losers, indicating a positive market breadth index and strong investor sentiment.

NASCON declined by 10.00 per cent to quote at N175.50, Beta Glass was shattered by 9.99 per cent to N506.60, Academy Press lost 9.76 per cent to settle at N5.55, CWG fell by 9.35 per cent to N19.40, and Learn Africa slipped by 9.20 per cent to N7.90.

On the flip side, Tripple Gee gained 10.00 per cent to finish at N2.86, Sovereign Trust Insurance appreciated by 9.71 per cent to N2.26, Oando improved by 9.43 per cent to N38.30, McNichols rose by 9.09 per cent to N5.40, and NEM Insurance expanded by 7.99 per cent to N34.45.

During the session, market participants transacted 426.8 million shares worth N28.4 billion in 41,475 deals compared with the previous day’s trading of 651.3 million shares for N40.8 billion in 43,760 deals. This implied that the trading volume, value, and number of deals went down by 34.47 per cent, 30.39 per cent, and 5.22 per cent, respectively.

The activity chart was topped by Access Holdings, with a turnover of 33.2 million units worth N1.0 billion. Stanbic IBTC transacted 28.7 million units valued at N4.1 billion, Sterling Holdings exchanged 19.6 million units for N150.2 million, Chams sold 18.6 million units worth N71.6 million, and GTCO traded 15.1 million units valued at N2.0 billion.