Market Falls 0.02% as eTranzact, Sunu Assurances End as Worst-Performing Stocks

By Dipo Olowookere

The gains printed by the Nigerian Exchange (NGX) Limited on Tuesday were reversed on Wednesday by 0.02 per cent as a result of profit-taking across the key sectors of the bourse.

The market fell due to the focus on the treasury bills space by investors, who sought to diversify their portfolios amid pressure on the Nigerian Naira and rising inflation.

At the close of business, the banking sector lost 1.09 per cent, the insurance counter depreciated by 0.62 per cent, the energy space shed 0.24 per cent, the consumer goods sector fell by 0.16 per cent and the industrial goods counter declined by 0.10 per cent.

Consequently, the All-Share Index (ASI) marginally shrank by 11.61 points to 67,206.16 points from 67,217.77 points, and the market capitalisation dropped N7 billion to close at N36.923 trillion compared with the preceding day’s N36.930 trillion.

The activity chart for the midweek session was mixed as the trading volume went up by 3.05 per cent the trading value crashed by 30.16 per cent and the number of deals depreciated by 4.37 per cent.

Traders bought and sold 329.7 million shares worth N4.4 billion in 5,998 deals yesterday, in contrast to the 319.9 million shares worth N6.3 billion traded in 6,272 deals on Tuesday.

Fidelity Bank was the most traded stock for the day, selling 50.3 million units for N411.7 million, and Access Holdings exchanged 43.2 million units valued at N730.1 million. Chams traded 26.7 million units worth N50.1 million, UBA transacted 25.9 million units for N502.1 million, and GTCO traded 20.6 million units worth N733.8 million.

Business Post reports that despite the poor outcome, investor sentiment was bullish and the market breadth was positive as the bourse ended with 23 price gainers and 18 price losers.

eTranzact and Sunu Assurances were the worst-performing stocks for the trading session, losing 10.00 per cent each to close at N7.56 and 99 Kobo, respectively.

DEAP Capital lost 7.41 per cent to close at 25 Kobo, Eterna staggered by 7.09 per cent to N13.75, and UBA shed 5.78 per cent to trade at N18.75.

Conversely, Multiverse was on top of the advancers’ log after it improved its share price by 9.74 per cent to N2.93, Chams rose by 9.71 per cent to N1.92, Caverton expanded by 9.35 per cent to N1.52, FTN Cocoa grew by 8.97 per cent to N1.70 and Geregu Power gained 7.71 per cent to trade at N370.00.