By Dipo Olowookere
Profit-taking continued on the floor of the Nigerian Exchange (NGX) Limited on Tuesday, leading to a further decline of 0.50 per cent at the close of business.
The bears tightened their grip on the local bourse during the session, with the All-Share Index (ASI) down by 491.74 points to 97,390.01 points from 97,881.75 points as the market capitalisation decreased by N279 billion to N55.296 trillion from the N55.575 trillion it ended a day earlier.
There were sell-offs across the major sectors of the market apart from the consumer goods space, which gained 0.82 per cent at the close of transactions.
The banking index lost 1.92 per cent, the insurance counter depreciated by 1.47 per cent, the industrial goods sector went down by 1.22 per cent, and the energy counter retreated by 0.13 per cent.
Investor sentiment turned bearish yesterday after Customs Street ended with 29 price losers and 26 price gainers, showing a negative market breadth index.
Oando shed 9.97 per cent to settle at N40.20, Livestock Feeds crumbled by 8.10 per cent to N2.27, Cornerstone Insurance weakened by 7.66 per cent to N2.17, Linkage Assurance tumbled by 7.61 per cent to 85 Kobo, and Sovereign Trust Insurance dropped 7.41 per cent to 50 Kobo.
Conversely, MeCure Industries gained 9.98 per cent to quote at N9.37, Neimeth grew by 9.90 per cent to N2.11, Champion Breweries appreciated by 9.75 per cent to N3.04, University Press increased by 9.63 per cent to N2.39, and RT Briscoe rose by 9.35 per cent to N1.52.
During the trading session, investors transacted 599.3 million shares valued at N13.9 billion in 11,237 deals compared with the 498.3 million shares worth N11.8 billion traded in 10,645 deals, implying a rise in the trading volume, value, and number of deals by 20.27 per cent, 17.80 per cent, and 5.56 per cent, respectively.
GTCO emerged as the busiest stock after it traded 72.0 million units worth N3.3 billion, Japaul exchanged 69.6 million units valued at N156.9 million, Access Holdings sold 66.3 million units for N1.3 billion, Veritas Kapital transacted 60.9 million units worth N78.2 million, and Oando traded 41.1 million units valued at N1.8 billion.
Modupe Gbadeyanka