Dipo Olowookere
By Dipo Olowookere
Renewed profit-taking dragged the Nigerian Exchange (NGX) Limited lower by 0.01 per cent on Monday as investors reacted to fresh fears of foreign exchange (FX) scarcity in the country.
It was observed that the decline was mainly from the ‘big boys’ of the market as investor sentiment still swayed to the bulls at the close of transactions.
The banking sector gained 0.25 per cent yesterday, while the industrial goods index closed flat. But the decline of 0.26 per cent, 0.24 per cent and 0.05 per cent posted by the respective trio of consumer goods, insurance and energy sectors pushed the market to the bears’ territory during the session.
Consequently, the All-Share Index (ASI) was bruised by 5.40 points to 49,676.75 points from 49,682.15 points, while the market capitalisation went down by N4 billion to close at N26.794 trillion in contrast to the previous session’s N26.797 trillion.
Caverton lost 9.57 per cent to trade at N1.04, John Holt fell by 8.99 per cent to 81 Kobo, Japaul declined by 8.82 per cent to 31 Kobo, AIICO Insurance depreciated by 3.64 per cent to 53 Kobo, while Nigerian Breweries decreased by 2.86 per cent to N45.80.
On the flip side, Trans Nationwide Express improved its share price by 9.52 per cent to 69 Kobo, UPDC REIT expanded by 9.23 per cent to N3.55, Multiverse appreciated by 9.17 per cent to N2.62, Vitafoam grew by 8.37 per cent to N22.00, while Courteville gained 8.33 per cent to trade at 52 Kobo.
Business Post reports that at the close of business, the market breadth was positive with 10 price decliners and 18 price advancers.
The activity chart was mixed yesterday as investors transacted 232.9 million stocks valued at N2.2 billion in 4,425 deals compared with the 193.5 million stocks worth N4.6 billion transacted in 3,307 deals last Friday, indicating a decline in the trading value by 52.90 per cent and an increase in the trading volume and the number of deals by 20.38 per cent and 33.81 per cent respectively.
Jaiz Bank traded 40.4 million units worth N36.2 million, Access Holdings exchanged 35.8 million units valued at N293.6 million, FBN Holdings traded 23.1 million units for N251.4 million, Mutual Benefits sold 19.9 million units valued at N6.1 million, while Zenith Bank transacted 12.5 million units worth N273.7 million.
