NGX Drops 0.03% as Traders Trim Exposure to Nigerian Stocks
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up.
According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value by 16.27 per cent and 8.48 per cent apiece.
Oando recorded the sale of 110.0 million shares valued at N1.6 billion to top the activity chart, while Courteville transacted 66.0 million equities valued at N32.6 million. Chams exchanged 56.4 million stocks worth N81.8 million, Japaul sold 36.6 million shares for N35.3 million, and Access Holdings traded 32.5 million stocks for N563.3 million.
Investor sentiment was weak in the midweek session after the stock exchange finished with 29 price losers and 27 price gainers, representing a negative market breadth index.
Transcorp Hotels was the heaviest price decliner, as its value went down by 10.00 per cent to N45.90, Ikeja Hotel lost 9.93 per cent to end at N2.72, Secure Electronic Technology shed 7.41 per cent to close at 25 Kobo, Consolidated Hallmark Insurance crumbled by 7.41 per cent to N1.00, and GlaxoSmithKline shrank by 7.38 per cent to N11.30.
Finishing on top of the price advancer was Sunu Assurances as it rose by 10.00 per cent to 88 Kobo, Berger Paints rose by 9.91 per cent to close at N12.75, Oando appreciated by 9.77 per cent to N14.60, Chams Plc leapt by 9.77 per cent to N1.46, and MRS Oil jumped by 9.47 per cent to N104.00.
The insurance index was flat during the session, and the energy and industrial goods sectors gained 0.63 per cent and 0.02 per cent, respectively, while the banking and consumer goods counters experienced sell pressure during the trading day, losing 0.97 per cent and 0.40 per cent.
Consequently, the All-Share Index (ASI) lost 23.50 points to 68,335.72 points from 68,359.22 points, and the market capitalisation decreased by N13 billion to N37.401 trillion from N37.414 trillion.