Equities Shed N159bn amid Positive Investor Sentiment

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By Dipo Olowookere

Despite witnessing a positive investor sentiment, the last trading session of the week at the Nigerian Exchange (NGX) Limited closed 0.55 per cent lower on Friday following profit-taking by traders.

Business Post reports that all the five key sectors of the exchange closed in the green territory, with the insurance index appreciating by 1.95 per cent.

The energy sector gained 0.62 per cent, the consumer goods counter closed higher by 0.12 per cent, the banking space grew by 0.04 per cent, while the industrial goods landscape appreciated by 0.03 per cent.

However, the All-Share Index (ASI) depreciated by 295.53 points to finish at 52,979.96 points compared with the previous day’s 53,275.49 points as the market capitalisation decreased by N159 billion to close at N28.562 trillion in contrast to Thursday’s N28.721 trillion.

The market breadth, according to data from the bourse, closed positive with 25 appreciating shares and 28 depreciating shares.

Learn Africa ended the day as the biggest price loser as it dropped 10.00 per cent to trade at N2.25, Global Spectrum Energy Services depleted by 9.79 per cent to settle at N3.41, Academy Press fell by 9.56 per cent to N1.23, Royal Exchange declined by 9.52 per cent to N1.14, while FTN Cocoa lost 8.57 per cent to 32 kobo.

On the other side, Neimeth was the biggest gainer as its value increased by 10.00 per cent to N1.76, Conoil jumped by 9.88 per cent to N31.15, McNichols climbed higher by 9.79 per cent to N2.13, Cutix gained 9.77 per cent to finish at N2.92, while NEM Insurance amassed 9.75 per cent to trade at N4.39.

During the session, investors transacted 436.6 million equities worth N3.2 billion in 4,716 deals compared with the 274.6 million equities worth N8.5 billion transacted in 5,184 deals a day earlier. This indicated that the volume of trades rose by 59.01 per cent, the value of trades depreciated by 61.85 per cent, and the number of trades decreased by 9.03 per cent.

Jaiz Bank recorded the highest trading volume with the sale of 142.4 million stocks for N126.9 million, Consolidated Hallmark Insurance transacted 100.1 million shares for N60.0 million, Transcorp exchanged 21.3 million equities worth N27.8 million, Abbey Mortgage Bank sold 13.9 million stocks for N22.2 million, while UBA traded 11.1 million shares valued at N88.0 million.

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