By Dipo Olowookere
The Nigerian Exchange (NGX) Limited suffered a 0.08 per cent contraction on Wednesday after hitting its highest level in 15 years in the preceding trading session.
The loss recorded in the midweek session was influenced by panic sell-offs, especially in the banking and energy sectors of the stock exchange.
Profit-taking is a normal occurrence, particularly when prices of equities on the platform gain significant weight in the previous trading sessions.
The banking index lost 0.64 per cent during the trading day, and the energy counter fell by 0.02 per cent. They suppressed the respective 1.46 per cent, 0.32 per cent, and 0.11 per cent rise in the insurance, consumer goods and industrial goods sectors.
Consequently, the All-Share Index (ASI) went down by 50.81 points to 66,439.53 points from 66,490.34 points and squeezed N28 billion from the market capitalisation, which ended at N36.363 trillion compared with the previous day’s N36.391 trillion.
Business Post reports that despite the loss, investor sentiment remained bullish, as the market breadth was positive after 27 stocks appreciated in value and 25 shares depreciated in price.
Transcorp shed 9.99 per cent to N6.31, CWG lost 9.88 per cent to trade at N3.65, Ikeja Hotel declined by 9.84 per cent to N2.84, FTN Cocoa shrank by 8.11 per cent to N2.04, and RT Briscoe retreated by 6.67 per cent to 42 Kobo.
On the flip side, the duo of Consolidated Hallmark Insurance and Capital Hotels appreciated by 10.00 per cent each to sell at N1.10 and N2.75 apiece, University Press grew by 9.77 per cent to N2.36, Champion Breweries expanded by 9.72 per cent to N3.50, and Thomas Wyatt ballooned by 9.60 per cent to N2.17.
The market remained busy yesterday, with the trading volume, value and the number of deals growing by 45.81 per cent, 11.43 per cent, and 26.49 per cent, respectively.
A total of 637.2 million shares worth N7.8 billion were transacted in 10,033 deals on Wednesday, compared with the 436.8 million shares worth N7.0 billion traded in 7,932 deals on Tuesday.
Transcorp sold 292.4 million equities valued at N2.2 billion to top the activity chart at the close of transactions and was followed by Access Holdings, which traded 26.7 million stocks worth N435.5 million. Dangote Sugar transacted 24.5 million shares for N1.5 billion, Jaiz Bank exchanged 18.7 million stocks valued at N27.7 million, and Fidelity Bank traded 17.4 million equities worth N122.3 million.
