Bears Overrun Stock Exchange by 0.57% as Investors Lose N557bn

By Dipo Olowookere

Selling pressure crashed the Nigerian Exchange (NGX) Limited by 0.57 per cent on Thursday, with the market breadth index turning negative after recording 37 price gainers and 39 price losers, indicating weak investor sentiment.

Customs Street was dominated by the bears yesterday after traders decided to book profit, with almost all the key segments of the bourse in red except for the commodity index, which was flat.

The insurance counter lost 1.35 per cent, the consumer goods sector was down by 1.31 per cent, the banking industry depreciated by 0.95 per cent, the industrial goods segment dropped 0.71 per cent, and the energy landscape weakened by 0.15 per cent.

Consequently, the All-Share Index (ASI) moderated by 870.23 points to 165,397.37 points from 166,267.60 points and the market capitalisation shrank by N557 billion to N105.886 trillion from N106.443 trillion.

Omatek fell by 9.40 per cent to sell for N2.12, International Energy Insurance depleted by 6.06 per cent to N3.10, International Breweries slumped by 6.00 per cent to N14.10, NEM Insurance dipped by 5.60 per cent to N32.00, and Lafarge Africa tumbled by 5.06 per cent to N150.00.

On the flip side, InfinityTrust Mortgage Bank gained 10.00 per cent to trade at N7.70, Union Homes REIT appreciated by 10.00 per cent to N64.90, John Holt also improved its value by 10.00 per cent to N7.70, NCR Nigeria jumped 10.00 per cent to N188.15, and Austin Laz expanded by 9.95 per cent to N4.09.

The busiest stock for the session was Access Holdings with 54.3 million units valued at N1.2 billion, Deap Capital sold 51.2 million units worth N300.0 million, Tantalizers traded 41.9 million units for N169.5 million, Omatek exchanged 33.5 million units worth N77.9 million, and Japaul transacted 31.5 million units valued at N80.1 million.

At the close of transactions, 768.3 million units worth N21.2 billion exchanged hands in 46,481 deals during the trading day versus the 822.7 million units valued at N24.9 billion transacted in 43,548 deals a day earlier, showing a slip in the trading volume and value by 6.61 per cent and 14.86 per cent apiece, and a spike in the number of deals by 6.74 per cent.