Economy
CWG, Others Crash Stock Exchange by 0.32%
By Dipo Olowookere
The stock exchange in Nigeria slipped back into the red territory on Wednesday after it lost 0.32 per cent to profit-taking in some equities.
Business Post reports that 18 shares gained weight on the Nigerian Exchange (NGX) Limited during the session and 37 shares shed weight, indicating a negative market breadth index and weak investor sentiment.
CWG declined by 9.98 per cent to N18.05, UPDC REIT crumbled by 9.93 per cent to N19.05, Austin Laz tumbled by 9.92 per cent to N3.18, Neimeth crashed by 9.52 per cent to N7.60, and Custodian Investment dropped by 7.57 per cent to N64.70.
Conversely, LivingTrust Mortgage Bank gained 9.90 per cent to N3.22, ABC Transport expanded by 9.77 per cent to N7.30, Meyer increased by 9.72 per cent to N17.50, Livestock Feeds improved by 9.65 per cent to N18.75, and Caverton surged by 6.67 per cent to N4.80.
During the session, the banking space closed lower by 1.49 per cent, the insurance counter fell by 1.41 per cent, and the consumer goods index slipped by 0.43 per cent, while the energy segment grew by 0.12 per cent, with the industrial goods closing flat.
At the close of business, the All-Share Index (ASI) contracted by 794.64 points to 245,116.49 points from 245,911.13 points, and the market capitalisation moderated by N516 billion to N159.152 trillion from N159.668 trillion.
Market participants transacted 354.1 million stocks valued at N23.6 billion in 32,585 deals yesterday versus the 348.8 million stocks worth N25.9 billion traded in 32,639 deals. This showed that the trading volume rose by 1.52 per cent, the trading value decreased by 8.88 per cent, and the number of deals deflated by 0.17 per cent.
Zenith Bank led the activity chart at midweek, with a turnover of 48.2 million units valued at N5.9 billion. Access Holdings sold 41.0 million units worth N1.1 billion, Fidelity Bank transacted 20.5 million units for N441.9 million, GTCO exchanged 13.9 million units worth N1.7 billion, and Austin Laz traded 13.8 million units valued at N48.1 million.
