Local Stock Market Further Trends Downward by 0.11%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited further depreciated by 0.11 per cent on Tuesday on the back of sustained profit-taking by investors.

It was observed that the loss was across the major sectors of the local stock market, with the banking space recording the highest fall of 0.99 per cent.

The energy counter fell by 0.50 per cent, the insurance sector retreated by 0.33 per cent, the consumer goods counter went down by 0.30 per cent, while the industrial goods index closed flat.

At the close of business, the All-Share Index (ASI) declined by 50.77 points to 46,843.09 points from 46,893.86 points, while the market capitalisation increased by N27 billion to N25.246 trillion from N25.273 trillion.

During the session, investors transacted a total of 214.3 million stocks worth N1.8 billion in 4,125 deals compared with the 359.9 million stocks worth N2.6 billion in 5,163 deals, indicating a decline in the trading volume, value and number of deals by 40.45 per cent, 31.43 per cent and 20.10 per cent respectively.

Chams was the busiest stock as it sold 30.4 million units worth N6.1 million, Access Holdings transacted 30.3 million units valued at N305.5 million, Transcorp exchanged 20.5 million units valued at N20.4 million, FBN Holdings traded 18.5 million stocks for N216.4 million, while eTranzact sold 13.1 million equities for N34.7 million.

From the analysis of the trading data, the market breadth closed negative on Tuesday with 18 depreciating stocks and 16 appreciating stocks, implying a weak investor sentiment.

International Breweries was the worst-performing stock as it shed 10.00 per cent to close at N4.50, Veritas Kapital lost 8.70 per cent to finish at 21 kobo, FTN Cocoa fell by 5.71 per cent to 33 kobo, Fidelity Bank depreciated by 4.88 per cent to N3.12, while Chams declined by 4.76 per cent to 20 kobo.

Conversely, PZ Cussons ended the session as the best-performing stock after it grew by 9.80 per cent to N11.20, followed by Japaul, which appreciated by 9.68 per cent to 34 kobo.

FCMB rose by 9.32 per cent to N3.40, Consolidated Hallmark Insurance improved by 4.92 per cent to 64 kobo, while NPF Microfinance Bank gained 3.81 per cent to sell for N2.45.