NGX Index Drops 1.86% as Only Three Stocks Appreciate in Price

By Dipo Olowookere

For the sixth consecutive trading session, the Nigerian Exchange (NGX) Limited depreciated and yesterday, it lost 1.86 per cent on the back of sustained profit-taking.

Transactions on Tuesday were mainly bearish and this showed in the performances of the key sectors as the banking space lost 1.85 per cent, the insurance counter shed 1.69 per cent, the consumer goods index fell by 1.27 per cent, the energy counter depreciated by 0.49 per cent, while the industrial goods counter closed flat.

Consequently, the All-Share Index (ASI) decreased by 958.16 points to settle at 50,442.37 points compared with the preceding day’s 51,400.53 points, while the market capitalisation shed N516 billion to finish at N27.202 trillion in contrast to Monday’s N27.718 trillion.

Business Post reports that only three equities appreciated in price during the session, with Livestock Feeds gaining 1.63 per cent to close at N1.25. FBN Holdings rose by 1.36 per cent to trade at N11.15, while Sterling Bank appreciated by 1.32 per cent to finish at N1.53.

However, 37 shares lost points on Tuesday, with Trans Nationwide Express depreciating by 10.00 per cent to sell at 63 Kobo, International Breweries fell by 9.91 per cent to sell for N5.00, MTN Nigeria shed 9.62 per cent to close at N192.50, PZ Cussons went down by 9.62 per cent to end at N9.40, while Berger Paints declined by 9.49 per cent to quote at N6.20.

A total of 156.2 million stocks worth N2.9 billion were traded in 4,618 deals compared with the 98.9 million stocks worth N2.5 billion transacted in 4,314 deals on Monday, implying an increase by 57.98 per cent, 16.78 per cent and 7.05 per cent respectively.

Flour Mills was the most traded equity during the session as it sold 19.3 million units valued at N618.1 million and was trailed by Transcorp, which sold 15.4 million units worth N16.4 million.

GTCO transacted 12.7 million shares for N259.7 million, Zenith Bank exchanged 11.4 million stocks for N243.7 million, while FBN Holdings traded 10.0 million equities for N108.2 million.