Market Sheds 0.23% as Investors Offload Consumer Goods, Banking Stocks

By Dipo Olowookere

The local stock market depreciated by 0.23 per cent as investors rebalanced their portfolios, deciding to offload equities mostly in the consumer goods, banking and energy sectors.

It was observed that the industrial goods counter managed to close flat but the consumer goods, energy, insurance and banking sectors depreciated by 1.01 per cent, 0.96 per cent, 0.61 per cent and 0.51 per cent respectively.

This depleted the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited by 122.36 points to 52,186.52 points from 52,308.88 points, while the market capitalisation reduced by N66 billion to N28.142 trillion from N28.208 trillion.

During the session, a total of 238.3 million shares worth N3.3 billion exchanged hands in 3,814 deals compared with the 205.6 million shares worth N2.8 billion transacted in 4,127 deals, representing a decline in the number of deals by 7.58 per cent and an increase in the trading volume and value by 15.87 per cent and 19.71 per cent respectively.

Livingtrust Mortgage Bank was the most active stock yesterday as it traded 40.9 million units worth N49.1 million, Nigerian Breweries traded 30.4 million units worth N1.5 billion, UBA exchanged 26.7 million units valued at N198.5 million, Access Holdings sold 21.9 million units worth N199.1 million, while FBN Holdings traded 17.9 million units valued at N196.6 million.

Business Post reports that investor sentiment was bearish at the midweek session as the market closed with 13 appreciating shares and 22 depreciating shares led by NAHCO, which fell by 10.00 per cent to N5.40.

FTN Cocoa went down by 8.57 per cent to 32 Kobo, Nigerian Breweries dropped 6.13 per cent to N49.75, Consolidated Hallmark Insurance declined by 5.71 per cent to 66 Kobo, while Oando shed 5.50 per cent to sell for N5.15.

On the flip side, CWG appreciated by 9.88 per cent to trade at 89 Kobo, Multiverse also rose by 9.88 per cent to N1.78, Academy Press grew by 9.68 per cent to N2.04, The Initiates leapt by 9.09 per cent to 48 Kobo, while RT Briscoe also went up by 9.09 per cent to 48 Kobo.