NGX Index Drops 0.06% as VFD Group Leads Losers’ Chart

October 24, 2023
VFD Group

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited retreated by 0.06 per cent on Monday on the back of profit-taking in the consumer goods sector.

Data obtained by Business Post showed that the consumer goods index shed 0.30 per cent, while the energy and industrial goods counters closed flat, with the insurance and the banking sectors growing by 0.68 per cent and 0.44 per cent apiece.

The selling pressure weakened the All-Share Index (ASI) by 38.49 points to 66,876.92 points from 66,915.41 points. This also depleted the market capitalisation by N22 billion to N36.742 trillion from N36.764 trillion.

The activity chart was weak yesterday as the trading value decreased by 31.25 per cent, while the trading volume rose by 52.79 per cent and the number of deals appreciated by 23.00 per cent.

During the session, investors traded 314.6 million equities valued at N4.4 billion in 6,133 deals versus the 205.9 million equities valued at N6.4 billion traded in 4,986 deals last Friday.

The most traded stock for the trading day was UBA, which sold 47.2 million units for N900.7 million, Access Holdings transacted 40.4 million units valued at N666.9 million, FCMB exchanged 29.1 million units worth N173.6 million, GTCO traded 27.3 million units valued at N959.3 million, and Transcorp traded 16.4 million worth N102.0 million.

Despite the profit-taking, investor sentiment was slightly strong as the market breadth index finished bullish with 23 price gainers and 21 price losers led by VFD Group, which lost 9.99 per cent to trade at N242.40.

McNichols shed 9.68 per cent to close at 56 Kobo, University Press declined by 9.32 per cent to N2.14, Consolidated Hallmark Insurance crashed by 5.22 per cent to N1.09, and Omatek depreciated by 4.44 per cent to 43 Kobo.

On the flip side, Thomas Wyatt topped the gainers’ chart after growing by 9.92 per cent to N3.99, Academy Press improved by 9.71 per cent to N1.92, Ikeja Hotel gained 9.52 per cent to quote at N3.45, Chams surged by 7.38 per cent to N1.60, and Tantalizers spiced its price by 6.90 per cent to 31 Kobo.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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