Profit-Taking in Geregu, Lafarge, 22 Others Weakens NGX Index by 0.04%

By Dipo Olowookere

The Nigerian Exchange (NGX) was taken down by 0.04 per cent on Tuesday by profit-taking in some mid and large-cap stocks across the key sectors of the market.

The selling pressure was much that it weakened the 0.61 per cent gained by the banking industry during the second trading session of the week.

The energy counter fell by 0.25 per cent, the insurance index went down by 0.18 per cent, the consumer goods sector decreased by 0.05 per cent, and the industrial goods space also shrank by 0.05 per cent.

Consequently, the All-Share Index (ASI) depleted by 27.15 points to 65,309.65 points from 65,336.80 points, and the market capitalisation contracted by N14 billion to N35.541 trillion from N35.555 trillion.

Investors transacted 317.8 million equities valued at N4.5 billion in 6,376 deals during the session compared with the 334.3 million equities worth N3.9 billion traded on Monday in 6,940 deals, representing an increase in the trading value by 15.39 per cent, a decline in the trading volume and the number of deals by 4.94 per cent and 8.13 per cent apiece.

Access Holdings topped the activity chart yesterday after posting a turnover of 49.4 million shares worth N861.2 million, followed by Sterling Holdings with 43.8 million equities valued at N153.9 million. Universal Insurance sold 28.9 million stocks for N6.9 million, FCMB traded 18.1 million equities valued at N112.2 million, and FBN Holdings transacted 14.3 million stocks worth N261.7 million.

Business Post reports that despite the bearish outcome on Tuesday, investor sentiment remained strong as the stock exchange closed with 29 appreciating equities and 24 depreciating equities, implying a positive market breadth.

Secure Electronic Technology lost 10.00 per cent to close at 27 Kobo, Northern Nigerian Flour Mills slumped by 9.89 per cent to N12.30, John Holt deflated by 9.52 per cent to N1.33, Tantalizers moderated by 8.33 per cent to 33 Kobo, and Mutual Benefits slowed by 7.69 per cent to 48 Kobo.

On the flip side, Guinness Nigeria jumped by 10.00 per cent to N60.50, GlaxoSmithKline improved by 9.74 per cent to N10.70, Chellarams rose by 9.73 per cent to N3.72, The Initiates appreciated by 9.72 per cent to 79 Kobo, and Universal Insurance leapt by 9.09 per cent to 24 Kobo.