By Dipo Olowookere
The absence of a positive trigger has kept the Nigerian Exchange (NGX) Limited in the negative territory for the 13th consecutive trading session, as it further declined by 0.53 per cent on Monday.
Business Post reports that panic selling of Nigerian stocks trimmed the All-Share Index (ASI) by 537.44 points to 101,777.12 points from 102,314.56 points, and the market capitalisation decreased by N304 billion to N57.561 trillion from N57.865 trillion.
The crumbling of Customs Street yesterday was further influenced by the revelation by the National Bureau of Statistics (NBS) that inflation in Nigeria rose last month by 33.20 per cent from 31.70 per cent in February 2024, as food inflation surged to 40.01 per cent despite the Naira gaining strength against the Dollar in the foreign exchange (FX) market in the past weeks.
It was observed that investors liquidated their equities to reduce their exposure to the stock market, with financial shares taking the heaviest hits.
Data showed that the banking index went down by 3.83 per cent during the session, and the insurance counter fell by 0.51 per cent, while the consumer goods, energy and industrial goods sectors closed flat.
It was a quiet session on Monday, as the trading volume, value, and the number of deals shrank by 55.50 per cent, 66.67 per cent and 13.72 per cent, respectively.
A total of 326.6 million stocks worth N7.2 billion exchanged hands in 10,777 deals yesterday compared with the 734.0 million stocks worth N21.6 billion transacted in 12,491 deals last Friday.
Like in the preceding trading days, investor sentiment was weak after a negative breadth index caused by the depletion in the share prices of 32 companies and growth in 10 firms.
Fidelity Bank lost 10.00 per cent to sell for N9.00, Jaiz Bank declined by 9.69 per cent to N2.05, RT Briscoe slumped by 8.47 per cent to 54 Kobo, GTCO plunged by 7.73 per cent to N38.20, and Universal Insurance retreated by 7.69 per cent to 36 Kobo.
On the flip side, UPDC appreciated by 10.00 per cent to N1.43, Morison Industries gained 9.77 per cent to trade at N2.81, NEM Insurance surged by 8.90 per cent to N10.40, DAAR Communications increased by 7.69 per cent to 70 Kobo, and Oando improved by 6.77 per cent to N13.40.
