Nigerian Stocks Relapse by 0.89% After Profit-Taking

By Dipo Olowookere

Renewed profit-taking by investors returned the Nigerian Exchange (NGX) Limited to the bears’ territory on Monday, closing lower by 0.89 per cent when trading activities ended for the day.

The selling pressure on Nigerian stocks during the session occurred despite the key sectors of the bourse finishing stronger, as the banking sector appreciated by 2.56 per cent.

Further, the insurance index improved by 2.03 per cent, the consumer goods space rose by 0.58 per cent, and the industrial goods counter jumped by 0.25 per cent, while the energy sector closed flat.

Business Post reports that the loss suffered by the NGX yesterday was mainly caused by the decline in the share prices of Airtel Africa, Berger Paints and others.

Airtel Africa lost 10.00 per cent to trade at N1,980.00, Berger Paints declined by 9.85 per cent to settle at N12.35, Industrial and Medical Gases fell by 9.82 per cent to N12.40, International Energy Insurance weakened by 9.35 per cent to N1.26, and International Breweries waned by 9.00 per cent to N4.35.

On the flip side, Guinea Insurance gained 10.00 per cent to sell at 33 Kobo, Cornerstone Insurance also rose by 10.00 per cent to N1.98, Oando appreciated by 9.94 per cent to N9.95, NASCON expanded by 9.94 per cent to N47.00, and Wema Bank grew by 9.42 per cent to N7.55.

The All-Share Index (ASI) lost 883.57 points during the session to finish at 98,703.68 points compared with the previous session’s 99,587.25 points, and the market capitalisation declined by N500 billion to close at N55.823 trillion versus last Friday’s N56.323 trillion.

Yesterday, traders bought and sold 421.7 million shares valued at N9.0 billion in 10,624 deals compared with the previous session’s 446.6 million shares valued at N7.1 billion traded in 9,297 deals, representing a decline in the trading volume by 5.58 per cent, a rise in the trading value by 26.76 per cent, and growth in the number of deals by 14.27 per cent.