By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further went down by 0.21 per cent on Thursday as investors began to shift attention to the fixed-income market, where there are more attractive rates.
It was observed that Customs Street came under profit-taking during the trading day amid investment portfolio calibration by traders after the Central Bank of Nigeria (CBN) increased the stop rate for one-year treasury bills a day earlier.
Apart from the energy sector, which gained a marginal 0.01 per cent as a result of bargain-hunting in Oando, every other sector ended in red territory.
The banking index depreciated by 1.59 per cent, the insurance space declined by 0.72 per cent, the consumer goods counter weakened by 0.32 per cent, and the industrial goods sector shrank by 0.01 per cent.
Consequently, the All-Share Index (ASI) decreased by 208.21 points to 100,156.96 points from 100,365.17 points, and the market capitalisation contracted by N118 billion to N56.712 trillion from N56.830 trillion.
The market was busy yesterday, resulting in a surge in trading volume and value by 169.08 per cent and 12.79 per cent, respectively, while the number of deals fell by 2.54 per cent.
Investors transacted 1.4 billion equities worth N9.7 billion in 8,198 deals versus the 497.8 million equities valued at N8.6 billion traded in 8,412 deals a day earlier.
Tourist Company of Nigeria exchanged 973.3 million shares for N2.8 billion during the session to top the activity chart, as Fidelity Bank sold 53.4 million equities for N561.6 million, Zenith Bank traded 40.6 million stocks worth N1.5 billion, GTCO transacted 27.1 million stocks valued at N1.2 billion, and Access Holdings traded 23.3 million shares worth N443.6 million.
The market breadth index was negative yesterday as there were 12 appreciating equities and 25 depreciating equities, reflecting weak investor sentiment.
Omatek depleted by 10.00 per cent to quote at 63 Kobo, Cutix plunged by 9.51 per cent to N5.33, FCMB sank by 8.75 per cent to N7.30, Linkage Assurance slumped by 7.53 per cent to 86 Kobo, and Consolidated Hallmark dwindled by 7.14 per cent to N1.30.
Conversely, Custodian Investment gained 8.51 per cent to settle at N10.20, Livestock Feeds rose by 3.91 percent to N2.39, Coronation Insurance grew by 3.90 per cent to 80 Kobo, Oando expanded by 3.06 per cent to N18.50, and United Capital increased by 2.70 per cent to N38.00.
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