NGX Index Succumbs to Selling Pressure by 0.16%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited slightly went down by 0.16 per cent on Wednesday as investors pressed the panic button, offloading some of their stocks to be on the safe side.

The industrial goods space depreciated by 0.99 per cent during the session, as the consumer goods counter went down by 0.20 per cent. They overshadowed the 1.36 per cent rise posted by the insurance sector, the 0.07 per cent growth printed by the energy space, and the 0.05 per cent increase reported by the banking sector.

At the close of trades, the All-Share Index (ASI) decreased by 85.80 points to 52,615.51 points from 52,701.31 points, and the market capitalisation dropped N47 billion to close at N28.658 trillion, in contrast to the preceding day’s N28.705 trillion.

The activity chart was mixed in the midweek session, as investors traded 218.0 million equities worth N4.5 billion in 3,377 deals compared with the 228.5 million equities worth N4.4 billion traded in 3,681 deals, representing an increase in the trading value by 2.27 per cent, a decline in the trading volume by 4.60 per cent, and a drop in the number of deals by 8.26 per cent.

Sterling Bank was the most traded stock yesterday, trading 94.3 million units, trailed by Zenith Bank, which transacted 16.9 million units. GTCO exchanged 13.2 million shares, Geregu Power sold 10.1 million stocks, and Access Holdings traded 9.1 million equities.

Investor sentiment was weak on Wednesday, reflecting the mood of the market, as there were 17 price gainers and 21 price losers, indicating a negative market breadth.

FTN Cocoa was the heaviest price loser after it dropped 6.67 per cent to settle at 28 Kobo. ABC Transport lost 6.45 per cent to close at 29 Kobo, Livestock Feeds depreciated by 5.00 per cent to N1.14, Regency Assurance depleted by 3.57 per cent to 27 Kobo, and Oando shed 3.51 per cent to N3.85.

On the flip side, Chellarams recorded the biggest price appreciation as it gained 9.77 per cent to quote at N1.46, Consolidated Hallmark Insurance rose by 9.52 per cent to 69 Kobo, Linkage Assurance appreciated by 9.09 per cent to 48 Kobo, International Energy Insurance improved by 7.89 per cent to 41 Kobo, and Mutual Benefits jumped by 6.67 per cent to 32 Kobo.