NGX Dwindles by 0.09% as Traders Sell Off MTN, Transcorp, Others
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited depreciated by 0.09 per cent on Tuesday as investors sold off some equities that have recorded price appreciation in the past days.
The profit-taking and weak investor sentiment contributed to the dwindling of the stock exchange yesterday as traders continue to watch happenings in the macroeconomic environment closely.
Some of them have an eye on the inflation data from the National Bureau of Statistics (NBC) this week, as well as decisions of central banks of key global economies on interest rates.
Trading data obtained by Business Post revealed that investors cut their exposure to stocks yesterday, as the volume of trades reduced by 31.15 per cent to 162.9 million shares from the preceding day’s 236.6 million shares.
Also, the number of trades went down by 1.47 per cent to 3,285 deals from 3,334 deals, while the value of transactions improved by 56.00 per cent to N3.9 billion from Monday’s N2.5 billion.
Analysis showed that Sterling Bank recorded the highest number of shares transacted by investors during the session, 31.6 million units.
GTCO sold 19.2 million shares, Chams traded 16.4 million stocks, Zenith Bank exchanged 14.2 million equities, and MTN Nigeria traded 12.5 million shares.
It was observed that the industrial goods counter gained 1.78 per cent on Tuesday, the banking index rose by 0.64 per cent, and the insurance space appreciated by 0.31 per cent, while the consumer goods and the energy sectors closed flat.
However, the All-Share Index (ASI) was trimmed by 45.54 points to 48,853.54 points from 48,899.08 points, as the market capitalisation shed N25 billion to N26.609 trillion from N26.634 trillion.
Yesterday, the price losers outnumbered the price gainers. A total of 16 equities depreciated in value, while 12 stocks appreciated in value.
SCOA Nigeria lost 9.30 per cent to trade at 78 Kobo, Chams fell by 8.70 per cent to 21 Kobo, Jaiz Bank depreciated by 8.42 per cent to 87 Kobo, Lasaco Assurance dropped 6.67 per cent to 84 Kobo, and University Press declined by 5.46 per cent to N1.73.
On the flip side, Smart Products topped the gainers’ log after it closed higher by 10.00 per cent to 22 Kobo, Cornerstone Insurance grew by 8.70 per cent to 50 Kobo, BUA Cement improved by 3.60 per cent to N95.00, FTN Cocoa rose by 3.23 per cent to 32 Kobo, and Zenith Bank gained 2.45 per cent to finish at N23.00.