NGX Closes Flat Amid 7.14% Decline in Trading Volume

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited was in a stalemate on Thursday after the key performance indicators remained relatively unchanged at the close of business.

Business Post reports that the All-Share Index (ASI) was marginally up by 2.11 points during the trading session to 99,843.06 points from 99,840.95 points, and the market capitalisation slightly moved up by N1 billion to N56.480 trillion from N56.479 trillion.

Data from the bourse witnessed bargain-hunting yesterday across the major sectors of the exchange, with the banking index appreciating by 0.72 per cent.

In addition, the insurance counter improved by 0.29 per cent, the consumer goods space grew by 0.22 per cent, and the industrial goods sector went up by 0.02 per cent, while the energy index closed flat.

It was observed that the activity chart was mixed on Thursday, as the trading value expanded by 52.73 per cent, while the trading volume and the number of deals decreased by 7.14 per cent and 17.01 per cent, respectively.

This was because investors transacted 1.3 billion shares worth N25.2 billion in 8,215 deals versus the 1.4 billion shares worth N1.4 billion transacted in 9,899 deals on Wednesday.

FBN Holdings topped the chart with the sale of 871.1 million stocks for N19.1 billion, Fidelity Bank transacted 162.1 million equities valued at N1.7 billion, Transcorp exchanged 33.7 million shares for N399.7 million, Access Holdings traded 23.4 million equities worth N442.2 million, and AIICO Insurance sold 22.6 million stocks for N21.8 million.

Investor sentiment was very strong yesterday after the bourse closed with 35 appreciating shares and 17 depreciating shares, implying a positive market breadth index.

Champion Breweries and Veritas Kapital gained 9.88 per cent each to settle at N3.56 and 89 Kobo apiece, Royal Exchange and RT Briscoe grew by 9.84 per cent each to quote 67 Kobo each and Chams increased by 9.79 per cent to N2.13.

On the flip side, Transcorp Hotels lost 10.00 per cent to sell for N90.00, Regency Alliance shrank by 8.51 per cent to 43 Kobo, Lasaco Assurance fell by 6.05 per cent to N2.02, NEM Insurance slumped by 5.76 per cent to N9.00, and Fidelity Bank declined by 4.15 per cent to N10.40.