By Dipo Olowookere
The Nigerian Exchange (NGX) Limited closed flat on Tuesday as investors continue to observe happenings in the economic and political scenes ahead of the 2023 general elections.
However, investor sentiment remained weak as the market breadth finished negative during the session due to the decline in the share prices of 16 companies and an increase in the prices of 13 equities.
Analysis showed that traders went in different directions, with some embarking on bargain hunting and others on profit-taking.
This resulted in the insurance, banking and consumer goods sectors closing lower by 1.12 per cent, 0.09 per cent and 0.02 per cent respectively, and the industrial goods index appreciating by 0.14 per cent, with the energy counter closing flat.
When the exchange closed for the session at 2:30 pm, the All-Share Index (ASI) was up by 2.01 points to 49,627.72 points from 49,625.71 points, while the market capitalisation jumped by N1 billion to N26.768 trillion from N26.767 trillion.
Multiverse gained 9.69 per cent to sell for N2.83, NPF Microfinance Bank appreciated by 7.84 per cent to N1.65, Pharma-Deko improved by 5.13 per cent to N2.05, Cutix expanded by 5.12 per cent to N2.26, Fidelity Bank surged by 3.02 per cent to N3.41.
Conversely, Red Star Express lost 10.00 per cent to trade at N2.43, Caverton dropped 4.55 per cent to quote at N1.05, Livestock Feeds shed 4.31 per cent to close at N1.11, Sovereign Trust Insurance depleted by 3.70 per cent to 26 Kobo, while Lasaco Assurance moderated by 3.13 per cent to 93 Kobo.
Business Post reports that the volume of transactions, value of trades and the number of deals improved yesterday by 85.05 per cent, 27.17 per cent and 13.92 per cent respectively.
A total of 160.2 million shares worth N1.5 billion were transacted in 3,847 deals during the day in contrast to the 86.6 million equities worth N1.2 billion that exchanged hands in 3,377 deals on the opening session of the week.
Zenith Bank was the busiest stock on Tuesday as it sold 26.7 million units valued at N536.7 million, while Courteville traded 24.1 million units valued at N11.3 million. Transcorp exchanged 16.3 million equities for N17.0 million, International Energy Insurance sold 12.8 million shares worth N20.4 million, while Chams transacted 9.3 million stocks for N3.2 million.
Adedapo Adesanya