Bears Tighten Grip on Nigerian Exchange After 0.29% Loss

By Dipo Olowookere

The continued profit-taking in the financial services sector gave the bears more confidence to direct the affairs of the Nigerian Exchange (NGX) Limited on Friday.

The stock exchange further depreciated by 0.29 per cent yesterday as a result of the persistent selling pressure caused by the absence of a positive market trigger.

The banking index went down by 1.78 per cent during the session, the insurance counter decreased by 0.55 per cent, and the industrial goods space fell by 0.07 per cent.

However, the consumer goods index appreciated at the close of transactions by 0.34 per cent due to bargain-hunting, while the energy sector closed flat.

Business Post reports that dominance of the bears over the bulls brought down the All-Share Index (ASI) by 298.41 points to 103,437.67 points from 103,736.08 points, and depleted the market capitalisation of the NGX by 0.27 per cent or N156 billion to N58.498 trillion from N58.654 trillion.

Investor sentiment remained weak during the session after a negative market breadth index as the bourse closed with 30 depreciating stocks and 16 appreciating stocks.

CWG fell by 10.00 per cent to N6.75, Secure Electronic Technology went down by 9.38 per cent to 58 Kobo, Omatek declined by 9.30 per cent to 78 Kobo, SCOA Nigeria weakened by 8.90 per cent to N2.15, and UPDC dropped 7.43 per cent to N1.37.

On the flip side, Cutix gained 10.00 per cent to trade at N3.19, Tantalizers appreciated by 8.57 per cent to 38 Kobo, C&I Leasing rose by 5.71 per cent to N3.70, RT Briscoe chalked up 5.36 per cent to finish at 59 Kobo, and Dangote Sugar sweetened its value by 5.36 per cent to N59.00.

Again, the activity level improved yesterday after the trading volume and value increased by 359.58 per cent and 19.87 per cent, respectively, while the number of deals declined by 4.28 per cent.

Investors transacted 2.2 billion shares worth N18.7 billion in 8,527 deals during the session versus the 487.7 million shares worth N15.6 billion traded in 8,908 deals on Thursday.