By Dipo Olowookere
The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment.
The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others.
The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent to N1.40, MTN Nigeria went down by 7.58 per cent to N247.50, and Regency Alliance dropped 5.13 per cent to 37 Kobo.
On the flip side, ABC Transport was the biggest price gainer during the session, rising by 9.86 per cent to 78 Kobo, and NEM Insurance gained 9.77 per cent to trade at N7.30. Livestock Feeds appreciated by 9.68 per cent to N1.70, NGX Group rose by 9.55 per cent to N24.10, and Thomas Wyatt expanded by 9.34 per cent to N1.99.
The banking space was very busy at the domestic stock exchange on Monday, dominating the activity chart, and witnessing a mixture of bargain-hunting and profit-taking, according to the trading data analysed by Business Post.
UBA transacted 46.2 million shares valued at N1.2 billion, GTCO traded 35.5 million stocks worth N1.7 billion, Transcorp sold 21.5 million equities worth N325.0 million, Zenith Bank exchanged 21.5 million stocks valued at N834.1 million, and FBN Holdings sold 17.9 million shares for N698.1 million.
At the close of business, a total of 287.5 million equities worth N10.8 billion exchanged hands in 9,077 deals on the first trading session of this week compared with the 217.2 million equities worth N5.0 billion transacted in 6,457 deals last Friday, representing a jump in the trading volume by 32.37 per cent, a rise in the trading value by 116.0 per cent, and a surge in the number of deals by 40.58 per cent.
The consumer goods and energy sectors declined by 0.28 per cent and 0.13 per cent apiece on Monday, while the insurance, banking, and industrial goods counters appreciated by 2.50 per cent, 0.92 per cent, and 0.05 per cent, respectively.
When the closing bell was struck by 2:30 pm, the All-Share Index (ASI) was down by 421.91 points to 104,663.34 points from 105,085.25 points, and the market capitalisation was down by N238 billion to N59.178 trillion from N59.416 trillion.
