Local Equity Market Loses N16bn at Midweek Session

By Dipo Olowookere

Investors in the local equity space lost about N16 billion on Wednesday following sustained selling pressure across all the key sectors of the market.

Data from the Nigerian Exchange (NGX) Limited revealed that the insurance counter lost 1.36 per cent, the banking index fell by 0.60 per cent, the energy ecosystem declined by 0.16 per cent, while the consumer goods sector depreciated by 0.03 per cent, with its cousin, the industrial goods counter closing flat.

Consequently, the All-Share Index (ASI) decreased by 29.96 points to 51,556.54 points from 51,586.50 points, while the market capitalisation went down by N16 billion to N27.795 trillion from N27.811 trillion.

A total of 135.3 million equities worth N1.4 billion were traded in 3,745 deals at the midweek session compared with the 234.6 million equities worth N2.6 billion traded in 4,646 deals on Tuesday, representing a decline in the trading volume, value and number of deals by 42.35 per cent, 44.02 per cent and 19.39 per cent respectively.

The most traded stock of the day was Transcorp, selling 15.6 million units valued at N19.6 million and was followed by GTCO, which exchanged 13.1 million units worth N267.1 million. UPDC traded 12.0 million shares for N14.6 million, UBA sold 10.6 million shares worth N78.9 million, while Chams transacted 7.8 million equities for N1.9 million.

Despite the loss printed by the stock exchange yesterday, investor sentiment remained positive as there were 17 price gainers and 16 price losers led by NEM Insurance and Champion Breweries, which shed 10.00 per cent each to settle at N3.42 and N3.60 respectively.

Union Bank fell by 9.76 per cent to N5.55, University Press declined by 8.91 per cent to N2.35, while RT Briscoe reduced by 7.50 per cent to 37 Kobo.

On top of the gainers’ log was Academy Press after its value went up by 9.79 per cent to N1.57 and was closely followed by Consolidated Hallmark Insurance, which appreciated by 8.70 per cent to 75 Kobo. Japaul grew by 7.41 per cent to 29 Kobo, UPDC REIT rose by 4.35 per cent to N3.60, while Chams gained 4.17 per cent to settle at 25 Kobo.