Profit-takers Sink Nigeria’s Stock Exchange by 0.07%

By Dipo Olowookere

A 0.07 per cent loss was recorded by the Nigerian Exchange (NGX) Limited on Friday as a result of profit-taking by investors.

The loss posted by Nigeria’s stock exchange yesterday followed the bulls’ control in two of the five trading sessions this week. The local bourse opened the week bearish on Monday and slipped the next day, but rebounded on Wednesday and rallied on Thursday before the bears took control on Friday.

The banking sector crashed by 0.94 per cent, and the insurance counter dipped by 0.05 per cent, while the consumer goods segment gained 0.08 per cent, with the industrial goods and energy indices closing flat.

The All-Share Index (ASI) moderated by 167.40 points to 247,539.73 points from 247,707.13 points, and the market capitalisation contracted by N109 billion to N160.725 trillion from N160.834 trillion.

Business Post reports that the market breadth index was positive yesterday after Customs Street ended with 26 price gainers and 23 price losers, indicating strong investor sentiment.

UPDC REIT lost 10.00 per cent to settle at N21.15, Trans-Nationwide Express tumbled by 9.09 per cent to N2.70, CMFC slipped by 8.06 per cent to N3.31, Royal Exchange decreased by 6.48 per cent to N1.01, and NPF Microfinance Bank depleted by 5.43 per cent to N4.35.

On the flip side, Thomas Wyatt gained 10.00 per cent to quote at N2.42, eTranzact grew by 9.84 per cent to N17.30, Austin Laz rose by 9.77 per cent to N2.92, Omatek jumped by 9.59 per cent to N1.60, and Legend Internet appreciated by 9.23 per cent to N3.55.

Investors traded 257.7 million equities worth N13.1 billion in 32,032 deals during the session compared with the 286.8 million equities valued at N15.3 billion transacted in 30,247 deals the previous session. This showed that the trading volume and value decreased by 10.15 per cent and 14.38 per cent, respectively, and the number of deals increased by 5.90 per cent.

UBA led the activity log, with a turnover of 28.3 million units valued at N1.2 billion. Zenith Bank traded 16.5 million units worth N2.1 billion, Livestock Feeds transacted 16.4 million units for N317.6 million, GTCO sold 14.5 million units valued at N1.8 billion, and Japaul exchanged 10.4 million units worth N26.8 million.