By Dipo Olowookere
The Nigerian Exchange (NGX) Limited retreated by 0.01 per cent on Wednesday following a mild profit-taking by investors, who reacted to a further hike in the price of petrol in the country.
The latest increase in the pump price has forced some businesses to raise the price of their goods and services, putting pressure on their finances.
At the stock market, some traders liquidated their shares, especially their holdings in the banking and industrial goods sectors of the bourse.
The selling pressure weakened the banking space by 2.05 per cent and the industrial goods counter by 0.06 per cent.
The losses printed by the duo overpowered the 0.62 per cent growth recorded by the energy index, the 0.52 per cent gain posted by the insurance sector, and the 0.48 per cent increase printed by the consumer goods space.
Consequently, the All-Share Index (ASI) went down by 9.49 points to 63,757.23 points from 63,766.72 points, and the market capitalisation depreciated by N6 billion to N34.716 trillion from N34.722 trillion.
Business Post reports that investor sentiment was weak in the midweek session as the bourse ended with 27 price losers and 24 price gainers, indicating a negative market breadth index.
Geregu Power and Prestige Assurance lost 10.00 per cent each to trade at N315.00 and 45 Kobo apiece, as FTN Cocoa shed 9.61 per cent to sell at N2.07, Linkage Assurance depreciated by 9.09 per cent to 70 Kobo, and Jaiz Bank went down by 9.04 per cent to N1.71.
Conversely, Honeywell Flour gained 10.00 per cent to end at N3.63, Eterna grew by 9.98 per cent to N28.65, Academy Press improved by 9.95 per cent to N2.21, SAHCO expanded by 9.83 per cent to N16.20, and RT Briscoe increased by 9.80 per cent to 56 Kobo.
The trading volume, value and number of deals declined by 45.50 per cent, 76.40 per cent, and 17.47 per cent, respectively.
This was because investors transacted 473.5 million equities worth N10.1 billion in 7,403 deals compared with the 868.8 million equities valued at N42.8 billion traded in 8,970 deals.
Japaul topped the activity chart after selling 78.0 million shares valued at N64.6 million, FCMB traded 36.6 million equities worth N221.8 million, Sterling Holdings exchanged 31.2 million stocks worth N109.1 million, Dangote Sugar sold 30.7 million shares for N845.9 million, and Fidelity Bank traded 22.3 million equities valued at N160.9 million.
