Dipo Olowookere
By Dipo Olowookere
The local bourse depreciated by 0.36 per cent on Friday due to profit-taking by investors ahead of the Christmas holidays next Monday and Tuesday.
The panic sell-offs occurred after traders offloaded stocks that had gained weight in the past few trading sessions, fearing that the unexpected may happen anytime time soon.
The Nigerian Exchange (NGX) Limited has been blowing hot in the past few days, performing beyond expectations amid rising inflation and a harsh economy.
At the close of business yesterday, the All-Share Index (ASI) shrank by 265.75 points to 74,023.27 points from 74,289.02 points, and the market capitalisation declined by N145 billion to N40.507 trillion from N40.652 trillion.
Yesterday, the banking space lost 0.77 per cent, the consumer goods and the industrial goods sectors slumped by 0.03 per cent each, while the insurance counter gained 1.17 per cent, with the energy index closing flat.
Despite the stock market closing in the bearish territory, investor sentiment was bullish, with the market breadth index on the green size as there were 33 price gainers and 20 price losers.
Multiverse and Transcorp Hotels jumped by 10.00 per cent each to settle at N13.97, and N63.80, respectively, Infinity Trust Mortgage Bank grew by 9.95 per cent to N4.53, United Capital rose by 9.79 per cent to N23.00, and DAAR Communications appreciated by 9.52 per cent to 69 Kobo.
On the flip side, Consolidated Hallmark shed 8.73 per cent to trade at N1.15, International Breweries declined by 8.33 per cent to N4.40, Prestige Assurance weakened by 7.84 per cent to 47 Kobo, ABC Transport lost 7.32 per cent to quote at 76 Kobo, and Guinea Insurance fell by 6.90 per cent to 27 Kobo.
During the session, investors bought and sold 423.3 million stocks worth N16.6 billion in 6,333 deals compared with 760.9 million stocks worth N13.0 billion traded in 7,990 deals a day earlier, implying an increase in the trading value by 27.69 per cent, a decline in the trading volume by 44.37 per cent, and a fall in the number of deals by 20.74 per cent.
At the close of trades, Universal Insurance topped the activity chart with the sale of 41.9 million shares valued at N11.0 million, Transcorp also sold 41.9 million stocks for N383.1 million, Mutual Benefits transacted 30.2 million equities valued at N14.9 million, Jaiz Bank exchanged 27.6 million stocks for N43.2 million, and Zenith Bank traded 26.3 million equities valued at N1.0 billion.
