Nigerian Stocks Slow Down Growth Pace Amid Profit-Taking in Lafarge, Others

January 26, 2024
Nigerian stocks

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated by 0.57 per cent on Thursday amid pockets of profit-taking in the industrial goods sector.

The selling pressure on Lafarge Africa, BUA Cement and Dangote Cement slowed down the pace of growth of the bourse yesterday.

Business Post reports that the industrial goods space lost 0.11 per cent at the close of transactions, while other key sectors of the market finished higher.

The energy counter improved by 4.91 per cent, the insurance sector appreciated by 1.95 per cent, the banking index grew by 1.39 per cent, and the consumer goods sector rose by 0.08 per cent.

As a result, the All-Share Index (ASI) leapt by 578.82 points to 102,149.93 points from 101,571.11 points and the market capitalisation went up by N317 billion to close at N55.901 trillion versus the preceding day’s N55.584 trillion.

The level of activity improved yesterday as traders bought and sold 504.2 million stocks valued at N10.3 billion in 12,235 deals compared with the 488.5 million stocks worth N8.0 billion transacted in 12,080 deals in the previous trading session, implying an improvement in the volume of transactions, value of trades, and the number of deals by 3.21 per cent, 28.75 per cent, and 1.28 per cent, respectively.

UBA displaced Transcorp as the most active equity on Thursday after transacting 74.9 million units worth N2.3 billion, as Transcorp followed with 34.2 million units valued at N581.1 million. Sterling Holdings traded 33.1 million shares worth N210.4 million, Japaul sold 31.9 million equities for N88.0 million, and Access Holdings exchanged 27.5 million stocks valued at N788.7 million.

Investor sentiment remained strong on Thursday as Customs Street finished with 33 appreciating shares and 28 depreciating shares, indicating a positive market breadth index.

Universal Insurance and Seplat Energy soared by 10.00 per cent each during the session to settle at 44 Kobo and N3,074.60 apiece. AIICO Insurance surged by 9.84 per cent to N1.34, Japaul advanced by 9.80 per cent to N2.80, and May & Baker expanded by 9.77 per cent to N7.30.

On the flip side, Ikeja Hotel lost 9.91 per cent to trade at N7.18, Honeywell Flour shed 9.70 per cent to quote at N4.47, Linkage Assurance depreciated by 8.40 per cent to N1.20, UPDC REIT went down by 8.06 per cent to N5.70, and McNichols fell by 7.53 per cent to N1.35.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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