Heavy Selloffs by Investors Crumble Nigerian Stocks by 1.24%

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By Dipo Olowookere

Nigerian stocks succumbed to heavy selloffs by investors on Friday, depreciating by 1.24 per cent at the close of transactions.

It was not the kind of final trading session of the week market participants had envisaged but most of them could not resist taking profits, which eventually crumbled the market.

Business Post reports that apart from the industrial goods sector, which closed 0.02 per cent higher and the consumer goods space, which closed flat, every other sector closed negative.

The insurance index was the worst with a decline of 1.72 per cent, followed by the banking sector, which lost 0.18 per cent and the energy counter, which went down by 0.13 per cent.

At the close of business, the All-Share Index (ASI) 475.68 points to 37,994.19 points from 38,469.87 points, while the market capitalisation dropped N247 billion to settle at N19.796 trillion in contrast to N20.043 trillion it closed on Thursday.

Data obtained from the Nigerian Exchange (NGX) Limited showed that there were 20 price risers at the close of trading activities yesterday and 21 price decliners.

Airtel Africa was the heaviest loser with a decline of 9.99 per cent to close at N601.00. NAHCO went down by 9.65 per cent to N2.34, NEM Insurance fell by 9.09 per cent to N2.00, Regency Alliance declined by 8.16 per cent to 45 kobo, while Red Star Express crumbled by 6.04 per cent to N3.11.

On the flip side, FTN Cocoa was the biggest price gainer of the trading session as its value went up by 9.68 per cent to settle at 34 kobo.

John Holt gained 8.96 per cent to sell for 73 kobo, Unity Bank appreciated by 7.27 per cent to quote at 59 kobo, Neimeth gained 5.88 per cent to trade at N1.80, while Coronation Insurance appreciated by 5.36 per cent to 59 kobo.

On the activity chart, GT HoldCo was the most active stock as a result of the 31.0 million units of its shares traded for N909.7 million during the session.

Courtville transacted 22.2 million stocks worth N4.9 million, Chams traded 12.0 million shares for N2.4 million, Fidelity Bank transacted 11.5 million equities worth N26.6 million, while Transcorp exchanged 10.9 million shares for N10.2 million.

When the closing gong was hit by 2:30pm yesterday, a total of 241.8 million equities worth N2.7 billion were transacted in 3,819 deals compared with the 238.2 million equities worth N2.6 billion transacted in 3,927 deals on Thursday, showing that the trading volume rose by 1.51 per cent, the trading value grew by 4.85 per cent and the number of deals reduced by 2.75 per cent.

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