Dipo Olowookere
By Dipo Olowookere
It was another bearish performance for the Nigerian Exchange (NGX) Limited on Friday as it further shed 0.10 per cent when the closing gong was hit by 2:30 pm.
Sustained profit-taking in the banking and consumer goods sector contributed to the market’s downfall in the week’s last trading session.
An analysis of the sectorial performance showed that the 0.31 per cent growth posted by the insurance counter could not salvage the situation as the banking index dropped 0.23 per cent, and the consumer goods sector depreciated by 0.03 per cent, while the energy and the industrial goods sectors closed flat.
Consequently, the All-Share Index (ASI) moderated by 50.64 points to 51,893.94 points from 51,944.58 points, and the market capitalisation, which measures the value of the bourse, dwindled by N28 billion to N28.268 trillion from N28.296 trillion.
Business Post reports that the volume of transactions improved during the session by 78.94 per cent due to the 542.0 million shares traded compared with the 302.9 million transacted in the preceding day.
Also, the value of trades increased yesterday by 20.00 per cent as a result of the N2.4 billion worth of shares bought and sold by investors as against the N2.0 billion shares exchanged on Thursday.
Equally, the number of deals executed on Friday marginally went up by 0.61 per cent to 3,766 deals from the 3,743 deals achieved a day earlier.
An off-market deal involving Chams supported its closure as the busiest stock on Friday as it ended with 293.1 million units, followed by UBA with the sale of 94.1 million. Fidelity Bank traded 43.2 million shares, Zenith Bank transacted 18.2 million stocks, and Sterling Holdings sold 13.3 million equities.
Investor sentiment remained weak as the market breadth was negative, with 12 appreciating stocks and 19 depreciating equities led by Cadbury Nigeria, which lost 9.73 per cent to end at N10.20.
Coronation Insurance fell by 9.52 per cent to 38 Kobo, RT Briscoe declined by 8.33 per cent to 22 Kobo, Wema Bank went down by 5.00 per cent to N3.80, and FBN Holdings shrank by 4.13 per cent to N10.45.
On the flip side, Multiverse closed the day as the best-performing stock after it gained 9.96 per cent to sell at N2.54, Transcorp rose by 9.74 per cent to N1.69, Royal Exchange Insurance grew by 8.93 per cent to 61 Kobo, FTN Cocoa inflated by 8.00 per cent to 27 Kobo, and Ikeja Hotel jumped by 7.41 per cent to N1.16.
