By Dipo Olowookere
The Nigerian Exchange (NGX) Limited depreciated by 0.02 per cent on Wednesday on the back of selling pressure, especially in the consumer goods sector.
Business Post reports that the exchange could not resist the temptation of switching to the bear side of the market yesterday despite the performance of the banking sectors and others.
According to data from the bourse, the insurance counter appreciated by 0.48 per cent, the energy index rose by 0.20 per cent, the banking space grew by 0.15 per cent, and the industrial goods sector closed flat.
However, the 0.22 per cent loss recorded by the consumer goods counter weighed on the outcome of the market at the midweek session, causing the All-Share Index (ASI) to deplete by 11.21 points to close at 46,766.16 points in contrast to the preceding day’s 46,777.37 points, while the market capitalisation dropped N6 billion to end at N25.212 trillion versus Tuesday’s N25.218 trillion.
On the price movement table, it was observed that the negative sentiment persisted yesterday as the local bourse closed with 16 appreciating stocks and 18 depreciating stocks.
NPF Microfinance Bank recorded the heaviest loss after its share price went down by 9.78 per cent to N2.03 and RT Briscoe followed with a decline of 8.93 per cent to sell for 51 kobo.
Prestige Assurance depreciated by 8.16 per cent to close at 45 kobo, Chams lost 4.76 per cent to trade at 20 kobo, while Niger Insurance also went down by 4.76 per cent to 20 kobo.
A look at the other side of the coin showed that Regency Assurance posted the biggest price appreciating at the exchange on Wednesday as its value grew by 10.00 per cent to 33 kobo.
Livestock Feeds rose by 9.59 per cent to N1.60, Multiverse increased by 9.52 per cent to 23 kobo, Meyer gained 9.30 per cent to quote at 94 kobo, while Linkage Assurance leapt by 8.51 per cent to 51 kobo.
During the session, the level of activity improved as the trading volume rose by 1.62 per cent to 261.6 million units from 257.4 million units, the trading value appreciated by 3.91 per cent to N2.4 billion from N2.3 billion, while the number of deals jumped by 5.85 per cent to 4,668 deals from 4,410 deals.
Fidelity Bank ended the session as the busiest, with the sale of 81.8 million equities for N281.2 million, Transcorp sold 30.7 million shares for N30.1 million, GTCO exchanged 15.5 million stocks for N345.6 million, Access Holdings traded 15.3 million shares worth N148.8 million, while Zenith Bank transacted 10.0 million equities valued at N227.3 million.
