By Dipo Olowookere
A 0.20 per cent loss was recorded by the Nigerian Exchange (NGX) Limited on Tuesday as investors maintained their profit-taking stance.
The selling pressure was more pronounced in the financial services industry yesterday, leaving the banking sector down by 1.90 per cent and the insurance space down by 0.12 per cent.
This occurred despite bargain-hunting activities witnessed in the other sector, as the energy index appreciated by 0.39 per cent, the consumer goods space gained 0.28 per cent, and the industrial goods counter increased by 0.04 per cent.
At the close of business, the All-Share Index (ASI) shrank by 200.84 points to settle at 99,805.95 points compared with the previous day’s 100,006.79 points, and the market capitalisation depreciated by N113 billion to N56.459 trillion compared with Monday’s N56.572 trillion.
Business Post reports that the market breadth index was positive yesterday despite the loss, as the price gainers were 28 and the price losers 24, representing a strong investor sentiment.
Africa Prudential topped the losers’ group after it declined by 10.00 per cent to close at N8.10, UAC Nigeria slipped by 7.28 per cent to N14.00, RT Briscoe slumped by 7.14 per cent to 65 Kobo, Ikeja Hotel shed 5.41 per cent to N7.00, and AIICO Insurance dropped 5.17 per cent to trade at N1.10.
On the flip side, Champion Breweries gained 9.97 per cent to finish at N3.31, Cadbury Nigeria appreciated by 9.94 per cent to N18.25, Eterna expanded by 9.87 per cent to N16.70, International Energy Insurance increased by 9.86 per cent to N1.56, and UPDC REIT improved by 9.64 per cent to N4.55.
During the session, 422.7 million shares worth N54.0 billion were traded in 8,256 deals compared with the 690.0 million shares valued at N7.2 billion transacted in 9,635 deals a day earlier, indicating a growth in the trading value by 650.00 per cent, a fall in the trading volume and the number of deals by 38.74 per cent and 14.31 per cent, respectively.
Transcorp Power led the activity chart after it transacted 118.6 million stocks valued at N49.0 billion, Veritas Kapital sold 36.3 million equities worth N47.3 million, Fidelity Bank traded 33.7 million shares for N340.6 million, AIICO Insurance exchanged 25.8 million stocks worth N28.7 million, and GTCO transacted 23.6 million shares valued at N1.1 billion.
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