NGX Indices Crumble by 0.16% Amid Strong Investor Sentiment

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited depreciated by 0.16 per cent on Tuesday amid a mild profit-taking despite strong investor sentiment.

Data obtained by Business Post showed that the five major sectors of the bourse ended in the green territory yesterday, with the energy space expanding by 2.08 per cent.

In addition, the insurance sector appreciated by 1.17 per cent, the banking index improved by 0.71 per cent, the consumer goods counter increased by 0.10 per cent, and the industrial goods rose by 0.01 per cent.

However, when trading activities ended for the session, the All-Share Index (ASI) declined by 163.20 points to 99,630.51 points from 99,793.71 points, and the market capitalisation shed by N92 billion to N56.360 trillion from N56.452 trillion.

The biggest price loser was NASCON after it depreciated by 9.91 per cent to N36.80, Thomas Wyatt fell by 9.66 per cent to N1.59, May and Baker weakened by 7.13 per cent to N5.60, C&I Leasing waned by 6.67 per cent to N2.80, and Consolidated Hallmark dropped 4.17 per cent to trade at N1.38.

Conversely, TotalEnergies appreciated by 9.98 per cent to close at N388.90, Presco rose by 9.97 per cent to N323.20, UPDC gained 9.92 per cent to settle at N1.33, FTN Cocoa jumped by 9.65 per cent to N1.25, and Chams grew by 9.47 per cent to N1.85.

At the market on Tuesday, investors transacted 849.0 million stocks worth N16.6 billion in 8,064 deals compared with the 963.5 million stocks valued at N13.5 billion transacted in 8,657 deals on Monday, representing a rise in the trading value by 22.96 per cent and a decline in the trading volume and the number of deals by 11.88 per cent, and 6.85 per cent, respectively.

Fidelity Bank retained its position on top of the activity chart with the sale of 293.2 million shares worth N2.9 billion, Nigerian Breweries traded 101.6 million equities valued at N2.9 billion, Zenith Bank exchanged 74.3 million stocks for N2.6 billion, Ecobank sold 62.5 million equities for N1.5 billion, and Access Holdings traded 51.9 million stocks worth N1.0 billion.