By Dipo Olowookere
The upward movement recorded by the Nigerian Exchange (NGX) Limited Tuesday could not be sustained on Wednesday as the bourse relapsed into its depression state with a 0.07 per cent loss at the close of business.
The exchange came under heavy selling pressure amid weak investor sentiment caused by the decline in the share prices of 18 companies and the growth posted by nine firms.
Global Spectrum Energy Services recorded the highest fall as its share value waned by 9.82 per cent to N2.48, followed by Honeywell Flour, which lost 9.77 per cent to close at N1.94. Livestock Feeds depreciated by 9.65 per cent to N1.03, RT Briscoe contracted by 8.82 per cent to 31 Kobo, and Chams dropped 7.14 per cent to sell for 26 Kobo.
Conversely, Red Star Express appreciated by 8.49 per cent to N2.30, May and Baker rose by 3.70 per cent to N4.20, Oando improved by 2.27 per cent to N4.50, Cornerstone Insurance garnered 1.85 per cent to swell to 55 Kobo, and Sterling Bank increased its value by 1.31 per cent to N1.55.
Analysis of the market data indicated that the energy counter appreciated by 0.35 per cent. Still, it could not solely keep the positive vibes of the market going due to the losses posted by the other key sectors.
The insurance sector depreciated by 0.53 per cent, the banking space went down by 0.31 per cent, the consumer goods index decreased by 0.05 per cent, and the industrial goods counter closed flat.
Consequently, the All-Share Index (ASI) depreciated by 34.08 points to 47,531.84 points from 47,565.92 points, and the market capitalisation went down by N19 billion to N25.889 trillion from N25.908 trillion.
During the session, a total of 155.2 million stocks worth N3.7 billion exchanged hands in 3,797 deals compared with the 125.7 million stocks worth N1.9 billion transacted in 4,188 deals, indicating a decline in the number of deals by 9.34 per cent and an increase in the trading volume and value by 23.50 per cent and 92.22 per cent, respectively.
