Profit-Takers Sink Nigerian Exchange by 0.74%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited depreciated by 0.74 per cent on Monday after profit-takers took over the trading platform.

Business Post observed that all the main sectors of the exchange ended in the red territory on the first trading session of the week as a result of the selling pressure.

The industrial goods index went down by 3.52 per cent, the banking space weakened by 1.47 per cent, the insurance sector shrank by 1.13 per cent, the energy counter declined by 0.29 per cent, and the consumer goods counter tumbled by 0.28 per cent.

Consequently, the All-Share Index (ASI) contracted by 740.01 points to 98,708.90 points from 99,448.91 points and the market capitalisation moderated by N449 billion to N59.812 trillion from the preceding session’s N60.261 trillion.

Investor sentiment turned bearish yesterday after the bourse finished with 18 price gainers and 28 price losers, implying a negative market breadth index.

BUA Cement topped the losers’ chart after it shed 10.00 per cent to trade at N99.00, Lasaco Assurance depreciated by 9.79 per cent to N2.58, DAAR Communications lost 9.38 per cent to quote at 58 Kobo, Regency Assurance slipped by 8.93 per cent to 51 Kobo, and Japaul fell by 6.56 per cent to N2.28.

On the flip side, Eunisell appreciated by 10.00 per cent to N3.85, Livestock Feeds gained 9.97 per cent to close at N3.75, Transcorp went up by 9.95 per cent to N48.60, RT Briscoe rose by 9.84 per cent to N3.35, and Jaiz Bank expanded by 9.28 per cent to N2.59.

A total of 353.2 million stocks worth N4.6 billion exchanged hands in 9,417 deals on Monday compared with the 460.9 million stocks valued at N9.5 billion traded in 8,772 deals last Friday, indicating a rise in the number of deals by 7.35 deals and a fall in the trading volume and value by 23.37 per cent and 51.58 per cent, respectively.

Chams led the activity chart after it traded 84.6 million shares valued at N169.2 million, UBA transacted 27.0 million equities worth N790.2 million, Access Holdings exchanged 22.2 million stocks for N503.6 million, McNichols sold 16.3 million stocks worth N25.2 million, and Japaul traded 15.2 million shares valued at N35.3 million.