Champion Breweries, Others Drown Local Bourse by 0.29%

May 17, 2022
local bourse Nigeria

By Dipo Olowookere

The first trading session of the new week ended on a negative note on Monday at the Nigerian Exchange (NGX) Limited following profit-taking activities by investors.

The local bourse drowned yesterday by 0.29 per cent as traders booked profit on shares that have appreciated in the past trading days.

The stock market had been reacting like it is on a steroid lately, reaching levels last seen in periods before the global financial meltdown in 2008. This has renewed investors’ confidence in the market, attracting various classes of them.

But yesterday, Champion Breweries, Lafarge Africa, International Breweries, MTN Nigeria, Zenith Bank and 15 others threw a spanner in the works of the market, causing it to close bearish.

Consequently, the All-Share Index (ASI) depleted by 154.37 points to 52,944.09 points from 53,098.46 points as the market capitalisation moderated by N83 billion to N28.543 trillion from N28.626 trillion.

Business Post reports that the consumer goods, industrial goods and banking sectors closed lower on Monday by 0.65 per cent, 0.64 per cent and 0.24 per cent respectively, while insurance and energy counters appreciated by 2.41 per cent and 0.60 per cent apiece.

Champion Breweries was the worst-performing stock of the session with a price decline of 9.84 per cent to N3.94, GlaxoSmithKline dropped 9.49 per cent to sell at N7.15, International Breweries fell by 9.09 per cent to N8.00, Neimeth retreated by 8.33 per cent to N1.76, while Lafarge Africa moderated by 8.28 per cent to N28.80.

A total of 27 equities appreciated in price during the session led by McNichols, which gained 9.70 per cent to trade at N1.47. Northern Nigerian Flour Mills appreciated by 9.55 per cent to N10.90, Transcorp rose by 8.53 per cent to N1.40, Coronation Insurance chalked by 7.14 per cent to finish at 45 kobo, while Consolidated Hallmark Insurance gained 7.02 per cent to settle at 61 kobo.

Analysis of the activity chart for the day revealed that investors exchanged 374.2 million shares valued at N5.0 billion in 6,854 deals compared with the 303.5 million shares worth N3.6 billion transacted in the preceding session in 7,019 deals, implying a decline in the number of deals by 2.35 per cent and an increase in the trading volume and value by 23.30 per cent and 38.85 per cent respectively.

Heavy transactions were seen around Transcorp and Jaiz Bank with the former trading 88.6 million units worth N119.0 million and the latter transacting 87.4 million units valued at N77.9 million.

Access Holdings exchanged 28.8 million shares valued at N278.6 million, International Breweries sold 16.2 million stocks worth 130.2 million, while Ikeja Hotel traded 11.4 million equities valued at N12.6 million.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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