NGX Draws Back by 0.04% Despite Recording More Price Gainers Than Losers

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited recoiled by 0.04 per cent on Friday after investors slowed down on their hunger for equities as some of them await half-year earnings of firms at the local stock market.

The loss was mainly driven by profit-taking in the financial and consumer goods sectors, as the country’s economy struggles with high borrowing costs and inflation.

The insurance counter fell by 1.33 per cent, the banking space depreciated by 0.70 per cent, and the consumer goods sector declined by 0.25 per cent, while the energy and industrial goods sectors appreciated by 1.59 per cent and 0.12 per cent, respectively.

When the market ended for the session, the All-Share Index (ASI) was down by 41.29 points to 100,022.03 points from 100,063.32 points, as the value of the bourse went down by N23 billion to N56.581 trillion from N56.604 trillion.

The market breadth index was positive despite the poor outcome of the NGX yesterday, as 32 stocks appreciated, while 26 stocks depreciated, implying a strong investor sentiment.

UPDC REIT lost 10.00 per cent to trade at N4.50, Julius Berger declined by 9.59 per cent to N88.60, Ikeja Hotel weakened by 9.15 per cent to N6.95, ABC Transport crashed by 8.57 per cent to 64 Kobo, and Linkage Assurance slumped by 7.89 per cent to N1.05.

Conversely, Conoil appreciated by 10.00 per cent to N126.50, Oando grew by 9.68 per cent to N17.00, Veritas Kapital expanded by 9.52 per cent to N1.15, DAAR Communications increased by 9.09 per cent to 48 Kobo, and University Press jumped by 9.05 per cent to N2.29.

During the session, investors transacted 412.7 million shares valued at N6.0 billion in 8,551 deals versus the 863.6 million shares worth N12.6 billion bought and sold in 7,931 deals in the previous session, indicating a rise in the number of deals by 7.82 deals, and shrink in the trading volume and value by 52.21 per cent and 52.38 per cent, respectively.

Business Post observed that interest in Oando continued yesterday after the company informed the market that it would release its audited results for 2023 by the end of this quarter.

It transacted 53.8 million equities worth N901.1 million to emerge as the most active at the close of transactions, followed by AIICO with 30.8 million stocks valued at N34.3 million. Veritas Kapital sold 26.6 million shares for N30.4 million, Chams exchanged 23.2 million stocks worth N52.2 million, and Access Holdings traded 22.7 million equities valued at N448.0 million.