Dipo Olowookere
By Dipo Olowookere
The trading indices of the Nigerian Exchange (NGX) Limited maintained a downward movement on Thursday on the back of sustained profit-taking across the major sub-sectors of the platform.
The industrial goods counter managed to close flat yesterday but the others pointed south, with the consumer goods sector losing 0.26 per cent, the insurance space declining by 0.18 per cent, the energy index dropping 0.16 per cent and the banking sector depreciating by 0.09 per cent.
Consequently, the All-Share Index (ASI) cracked by 35.45 points to 49,540.48 points from 49,575.93 points, while the market capitalisation decreased by N19 billion to N26.721 trillion from N26.740 trillion.
Yesterday, the disclosure by the National Bureau of Statistics (NBS) that inflation rose by 20.52 per cent in August dampened the mood of investors, causing them to trim their holdings in the highly-risky assets for less risky investments.
This was reflected in the level of activity yesterday as the market became relatively quiet after the numbers were released by the stats office.
Investors transacted 167.6 million stocks worth N1.3 billion in 3,458 deals in contrast to the 197.5 million stocks worth N2.9 billion transacted in 3,462 deals in the midweek session, representing a decline in the trading volume, value and number of deals by 15.12 per cent, 57.03 per cent and 0.12 per cent respectively.
Courteville sold the highest number of shares during the session, 38.8 million units valued at N18.3 million and was followed by Access Holdings with 28.5 million units worth N249.4 million. Fidelity Bank exchanged 10.8 million units worth N36.9 million, Transcorp transacted 10.7 million units valued at N11.3 million, while Consolidated Hallmark Insurance traded 9.2 million units valued at N5.3 million.
Business Post reports that investor sentiment was weak on Thursday as the exchange recorded 17 depreciating stocks and eight advancing equities.
UAC Nigeria lost 6.82 per cent to trade at N10.25, Vitafoam fell by 5.88 per cent to N20.00, UPDC REIT also went down by 5.88 per cent to N3.20, UPDC dwindled by 5.00 per cent to close at 95 Kobo, while Consolidated Hallmark Insurance depleted by 4.84 per cent to 59 Kobo.
On the flip side, Sovereign Trust Insurance gained 3.85 per cent to close at 27 Kobo, Cadbury Nigeria appreciated by 2.69 per cent to N13.35, Courteville rose by 2.08 per cent to 49 Kobo, Zenith Bank improved by 0.77 per cent to N19.65, while UBA chalked up 0.68 per cent to finish at N7.45.
