NGX Index Weakens by 0.43% as Traders Book Profit
By Dipo Olowookere
The gains recorded by the Nigerian Exchange (NGX) Limited on Tuesday were reversed on Wednesday by 0.43 per cent following profit-taking by investors.
It was observed that traders sold off shares in the banking and industrial goods sectors, leading to a respective decline of 0.2 per cent and 0.01 per cent.
As a result, the All-Share Index (ASI) was weakened by 288.69 points to 66,482.28 points from 66,770.97 points and the market capitalisation fell by N158 billion to settle at N36.386 trillion compared with the preceding day’s N36.544 trillion.
Business Post reports that there were pockets of bargain-hunting in the midweek session, as the insurance space rose by 0.28 per cent, the consumer goods counter improved by 0.18 per cent, while the energy index closed flat.
Analysis of the day’s price movement chart showed that investor sentiment was strong despite the loss by the bourse, as there were 29 price gainers and 22 price losers, representing a positive market breadth index.
Wema Bank and Ikeja Hotel were the heaviest price losers, shedding 10.00 per cent each to N4.23 and N3.15 apiece. ABC Transport lost 8.86 per cent to trade at 72 Kobo, Royal Exchange declined by 8.00 per cent to 46 Kobo, and Consolidated Hallmark Insurance decreased by 5.60 per cent to N1.18.
On the flip side, Oando recorded the biggest price growth as it moved up by 9.88 per cent to N9.45, Red Star Express gained 9.81 per cent to close at N2.91, Tripple Gee appreciated by 9.68 per cent to N2.38, RT Briscoe jumped by 9.43 per cent to 58 Kobo, and Universal Insurance grew by 9.09 per cent to 24 Kobo.
Yesterday, investors traded 657.5 million stocks worth N4.6 billion in 6,646 deals compared with the 364.3 million stocks worth N3.9 billion traded in 7,537 deals on Tuesday, representing a decline in the number of deals by 11.82 per cent, and an increase in the trading volume and value by 80.48 per cent and 17.95 per cent apiece.
Universal Insurance was the busiest on Wednesday after transacting 336.3 million shares valued at N80.5 million, Fidelity Bank traded 31.7 million equities valued at N264.9 million, Consolidated Hallmark Insurance exchanged 25.1 million shares valued at N29.4 million, GTCO traded 24.6 million stocks worth N885.4 million, and Wema Bank sold 24.0 million equities for N103.8 million.