NGX Index Sheds 0.15% as Bears Resurface

September 17, 2021
NGX Index

By Dipo Olowookere

The bears resurfaced at the Nigerian Exchange (NGX) Limited on Thursday after taking a two-day break to allow the bulls to enjoy the market for a while.

Business Post reports that the NGX index went down by 0.15 per cent yesterday as a result of profit-taking by investors, who quickly offloaded some stocks, especially in the banking sector.

As a result, the All-Share Index (ASI) depreciated by 57.03 points to settle at 38,911.31 points versus 38,968.34 points it closed a day earlier, while the market capitalisation reduced by N30 billion to finish at N20.273 trillion compared with the previous day’s N20.303 trillion.

It was observed that only the insurance sector closed in the green as it appreciated by 0.47 per cent, while the other four key sectors pointed south.

The energy counter lost 0.57 per cent, the consumer goods space decreased by 0.36 per cent, the banking counter went down by 0.28 per cent, while the industrial goods index fell by 0.14 per cent.

The market breadth was bearish yesterday as there were 10 price risers and 17 price laggards led by Eterna, which depreciated by 9.44 per cent to N6.52.

SCOA Nigeria fell by 9.40 per cent to N1.06, International Breweries declined by 4.00 per cent to N4.80, Honeywell Flour depleted by 3.93 per cent to N3.91, while Union Bank reduced by 3.00 per cent to N4.85.

On the flip side, Unity Bank topped the gainers’ chart after its share price improved by 9.62 per cent to 57 kobo and was trailed by FTN Cocoa, which appreciated by 8.70 per cent to 50 kobo.

Cornerstone Insurance gained 8.33 per cent to trade at 52 kobo, Chams grew by 5.00 per cent to finish at 21 kobo, while Sovereign Trust Insurance went up by 4.17 per cent to 25 kobo.

At the close of transactions, a total of 130.2 million shares worth N1.4 billion exchanged hands in 2,962 deals in contrast to the 141.4 million shares worth N3.0 billion transacted in 3,079 deals on Wednesday, implying a decline in the trading volume, value and number of deals by 7.92 per cent, 52.00 per cent and 3.80 respectively.

Access Bank ended the trading day as the most active stock with the sale of 24.8 million units worth N230.3 million, Universal Insurance exchanged 15.3 million stocks valued at N3.1 million, Zenith Bank transacted 8.5 million equities for N200.7 million, GTCO sold 6.8 million shares for N182.8 million, while Japaul traded 6.0 million stocks worth N3.0 million.

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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