Profit-Takers Descend on NGX, Zap N78bn from Investors’ Portfolios

November 15, 2022

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited succumbed to the tricks of profit-takers as it fell by 0.34 per cent on Monday as a result of selling pressure.

Profit-taking in the energy space mainly influenced the downfall of the market yesterday, with its index declining by 0.38 per cent at the close of transactions.

The insurance counter appreciated by 0.91 per cent, and the banking sector went up by 0.26 per cent, but they could not strengthen the exchange after the consumer goods and industrial goods sectors closed flat.

Consequently, the All-Share Index (ASI) depreciated by 150.63 points to settle at 43,818.12 points compared with the preceding session’s 43,968.75 points, while the market capitalisation decreased by N78 billion to close at N23.867 trillion versus last Friday’s N23.945 trillion.

Business Post reports that the activity chart was mixed on the first trading day of the week as the trading volume dropped 10.78 per cent to 187.1 million shares from 209.7 million shares, the trading value increased by 17.05 per cent to N2.5 billion from N2.1 billion, while the number of deals appreciated by 13.05 per cent to 3,326 deals from 2,942 deals.

Data showed that Access Holdings finished the session as the busiest stock for transacting 87.9 million units, Zenith Bank traded 19.3 million units, Transcorp transacted 10.7 million units, Unity Bank exchanged 10.2 million units, and NGX Group sold 5.3 million units.

The market breadth was at equilibrium yesterday after the bourse ended with 13 depreciating stocks and 13 appreciating equities.

The highest price loser for the day was John Holt, which depreciated by 9.88 per cent to trade at 73 Kobo, SCOA Nigeria deflated by 9.71 per cent to N1.58, Prestige Assurance slipped by 7.69 per cent to 36 Kobo, Unity Bank slumped by 5.26 per cent to 54 Kobo, and Africa Prudential went down by 4.67 per cent to N5.10.

The biggest price riser on Monday was FTN Cocoa, which added 9.68 per cent to its value to finish at 34 Kobo, Consolidated Hallmark Insurance grew by 6.90 per cent to 62 Kobo, Axa Mansard Insurance gained 5.88 per cent to close at N1.62, Chams improved its share price by 4.17 per cent to 25 Kobo, and Union Bank increased by 3.48 per cent to N5.95.

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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