First Holdco, Others Sink Stock Exchange by 0.44%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited tasted defeat on Wednesday after it closed lower by 0.44 per cent as a result of profit-taking in the financial services ecosystem.

It was observed that the banking arm of the financial services space was the worst hit, as it shed 2.36 per cent, while the insurance subsidiary crashed by 0.13 per cent.

The other sectors of the bourse, however, gained weight, but could not stop the ravaging bears.

At the close of business, the All-Share Index (ASI) moderated by 1,107.28 points to 252,882.78 points from 253,990.06 points, and the market capitalisation contracted by N719 billion to N164.194 trillion from the previous day’s N164.913 trillion.

The market breadth index was negative yesterday after Customs Street ended with 26 appreciating stocks and 30 depreciating stocks, representing weak investor sentiment.

First Holdco lost 10.00 per cent to trade at N139.50, Tripple Gee declined by 5.51 per cent to N2.40, eTranzact slipped by 4.76 per cent to N16.00, Royal Exchange crashed by 4.76 per cent to N1.00, and Fortis Global Insurance also tumbled by 4.76 per cent to N1.60.

Conversely, Sovereign Trust Insurance gained 10.00 per cent to quote at N1.98, UPDC REIT expanded by 9.61 per cent to N21.10, Austin Laz appreciated by 9.21 per cent to N2.61, UBA grew by 6.83 per cent to N43.00, and CMFC rose by 5.71 per cent to N3.33.

During the midweek session, investors transacted 404.1 million shares valued at N27.9 billion in 39,012 deals compared with the 5.2 billion shares worth N441.5 billion executed in 35,946 deals a day earlier, indicating a surge in the number of deals by 8.53 per cent, and a decline in the trading volume and value by 92.23 per cent and 93.68 per cent, respectively.

The busiest equity for the day was UBA, with a turnover of 30.7 million units worth N1.6 billion. Access Holdings exchanged 30.7 million units valued at N881.5 million, Zenith Bank traded 30.6 million units for N3.7 billion, GTCO sold 26.3 million units valued at N3.2 billion, and Fortis Global Insurance transacted 16.4 million units worth N27.5 million.