Nigerian Stocks Post Third Straight Loss as Mood Dampens

By Dipo Olowookere

For the third straight session, transactions on the floor of the local bourse closed bearish and on Wednesday, the market was down by 0.09 per cent.

Sustained profit-taking by investors further weakened the Nigerian Exchange (NGX) Limited as the absence of a positive trigger is beginning to weigh on the market.

Trades were low at the midweek session as just 169.3 million stocks worth N1.4 billion were transacted in 3,449 deals compared with the 425.7 million stocks worth N2.0 billion traded in 4,553 deals a day earlier, signifying a decline in the trading volume, value and number of deals by 60.23 per cent, 27.60 per cent and 24.25 per cent respectively.

At the close of transactions, Transcorp traded 28.5 million shares valued at N25.8 million, Zenith Bank traded 16.6 million stocks worth N398.2 million, Honeywell Flour traded 13.2 million shares worth N55.0 million, United Capital exchanged 12.8 million equities valued at N91.4 million, while Mutual Benefits Assurance transacted 8.3 million equities worth N2.5 million.

Business Post reports that investor sentiment was weak yesterday as the market breadth closed negative with nine price gainers and 17 price losers led by FTN Cocoa, which lost 8.77 per cent to trade at 52 kobo.

Morison Industries went down by 5.42 per cent to N1.92, UPDC depreciated by 4.84 per cent to N1.77, Jaiz Bank fell by 4.76 per cent to 60 kobo, while Wema Bank lost 4.65 per cent to settle at 82 kobo.

On the flip side, AIICO Insurance topped the gainers’ chart after its value rose by 4.04 per cent to sell for N1.03 and was trailed by Custodian Investment, which gained 3.15 per cent to quote at N6.55.

Fidson appreciated by 2.80 per cent to N6.25, Fidelity Bank improved by 2.55 per cent to N2.41, while Livestock Feeds appreciated by 0.95 per cent to trade at N2.13.

A look at the sectoral performance showed that apart from the industrial goods sector, which closed flat, every other counter finished bearish.

The consumer goods space lost 0.62 per cent, the banking sector depreciated by 0.23 per cent, the insurance counter declined by 0.20 per cent, while the energy counter deflated by 0.08 per cent.

When the market was closed for the session, the All-Share Index (ASI) was down by 35.43 points to 39,184.18 points from 39,219.61 points, while the market capitalisation moderated by N18 billion to N20.416 trillion from N20.434 trillion.