Dipo Olowookere
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited suffered a significant loss on Monday as investors liquidated their shares as protests over the high cost of living in the country spread.
The local equity market witnessed a 3.15 per cent loss yesterday as a result of massive profit-taking as there are no signs that the government of Mr Bola Tinubu has any solution to the economic crisis facing the nation.
The selling press took 3,329.55 points away from the All-Share Index (ASI), leaving it at 102,393.23 points at the close of business compared with the 105,722.78 points it ended last Friday.
In the same vein, the market capitalisation depreciated by N1,822 trillion during the session to settle at N56.028 trillion, in contrast to the preceding session’s N57.850 trillion.
Business Post reports that the industrial goods index fell on Monday by 6.02 per cent, the insurance sector went down by 2.49 per cent, the consumer goods counter moderated by 0.77 per cent, the energy sector shrank by 0.28 per cent, and the banking counter deflated by 0.24 per cent.
On the activity chart, the volume and value of transactions decreased by 17.60 per cent, and 6.33 per cent apiece, while the number of deals increased by 17.60 per cent.
A total of 273.9 million stocks worth N7.4 billion exchanged hands in 9,688 deals during the session versus the 332.4 million stocks worth N7.9 billion transacted in 8,238 deals in the preceding trading day.
GTCO ended the day as the most active stock with a turnover of 28.9 million units valued at N1.1 billion, Transcorp sold 20.1 million units worth N275.9 million, Access Holdings exchanged 15.9 million units for N359.5 million, FBN Holdings traded 15.9 million units worth N450.7 million, and Zenith Bank transacted 15.8 million units valued at N568.1 million.
Investor sentiment was bearish yesterday with 37 depreciating equities and 18 appreciating equities, implying a negative market breadth index.
MTN Nigeria and Dangote Cement lost 10.00 per cent each to sell at N247.50, and N686.70 apiece, NGX Group declined by 9.76 per cent to N22.20, NEM Insurance crashed by 9.74 per cent to N6.95, and Tantalizers retreated by 9.52 per cent to 38 Kobo.
Conversely, Juli gained 9.52 per cent to sell at N1.61, DAAR Communications increased by 8.64 per cent to 88 Kobo, Sunu Assurances soared by 6.74 per cent to N1.90, ABC Transport advanced by 6.67 per cent to 96 Kobo, and NAHCO went up by 5.86 per cent to N30.70.
