By Dipo Olowookere
The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session.
Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders.
As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion.
The level of activity at the market waned on the second trading session of the week, as investors chew on the policy direction of the Central Bank of Nigeria (CBN) under the leadership of Mr Yemi Cardoso.
Business Post reports that 534.6 million shares valued at N5.6 billion exchanged hands in 8,136 deals during the trading day compared with the 746.7 million shares worth N6.0 billion transacted on Monday in 9,267 deals, implying a decline in the number of trades, value of transactions and the number of deals by 28.41 per cent, 6.67 per cent and 12.20 per cent, respectively.
It was observed that the banking sector was very busy yesterday, dominating the activity chart at the close of transactions, according to data from the bourse.
Access Holdings traded 52.4 million stocks worth N942.8 million, Transcorp exchanged 46.6 million equities valued at N309.9 million, UPDC REIT sold 46.2 million shares for N181.3 million, UBA transacted 36.4 million shares valued at N774.3 million, and Unity Bank traded 31.3 million stocks worth N52.6 million.
Investor sentiment turned bearish on Tuesday, with 40 depreciating equities and 19 appreciating shares, indicating a negative market breadth index.
Omatek topped the losers’ table after letting go 10.00 per cent of its value to settle at 81 Kobo, Ikeja Hotel shed 9.87 per cent to close at N4.20, Neimeth also depreciated by 9.87 per cent to N2.01, Coronation Insurance depleted by 9.72 per cent to 65 Kobo, and CWG crashed by 9.45 per cent to N6.90.
On top of the gainers’ log during the session was Secure Electronic Technology, which rose by 10.00 per cent to finish at 66 Kobo, MeCure sustained its positive run with a gain of 9.99 per cent to quote at N10.13, Sunu Assurances expanded by 9.68 per cent to N1.36, Consolidated Hallmark Holdings stretched its value by 9.17 per cent to N1.19, and Royal Exchange increased by 6.35 per cent to 67 Kobo.
As for the sectorial performance, the insurance and the industrial goods indices lost 1.27 per cent and 1.25 per cent apiece, while the banking and the consumer goods sectors improved by 0.06 per cent and 0.04 per cent, respectively, with the energy counter closing flat.
