Dipo Olowookere
By Dipo Olowookere
The Nigerian Exchange (NGX) came under selling pressure on Thursday as it finished lower by 1.04 per cent to pull down the All-Share Index (ASI) below the 55,000-point market.
According to data obtained by Business Post, the ASI depreciated by 574.59 points to close at 54,915.61 points compared with the previous day’s 55,490.20 points.
Similarly, the market capitalisation of the local bourse depleted at the close of transactions due to sustained profit-taking by N313 billion to N29.916 trillion from Wednesday’s N30.229 trillion.
It was observed that the sell-down by investors was across the stock exchange sectors as the nation heads to the polls on Saturday to elect governors and state lawmakers.
Investors are cautious and have decided to minimise their stock exposure, resulting in the banking index shedding 1.00 per cent yesterday. The insurance sector lost 0.36 per cent, the consumer goods counter declined by 0.17 per cent, and the industrial goods space depreciated by 0.10 per cent, while the energy sector remained unchanged.
Investor sentiment was fragile during the session as Customs Streets finished with 25 price losers and eight price gainers, implying a negative market breadth.
Ecobank went down by 10.00 per cent to trade at N10.80, Industrial and Medical Gases lost 9.32 per cent to quote at N7.30, Royal Exchange depreciated by 8.22 per cent to sell for 67 Kobo, RT Briscoe depleted by 7.69 per cent to 24 Kobo, and International Energy Insurance decreased by 6.92 per cent to finish at N1.21.
However, Chams gained 8.70 per cent to trade at 25 Kobo, University Press appreciated by 7.57 per cent to N1.99, Living Trust Mortgage Bank rose by 3.37 per cent to N3.07, Sterling Bank climbed higher by 2.67 per cent to N1.54, and Zenith Bank went up by 2.52 per cent to N24.45.
At the market yesterday, Transcorp emerged as the most active equity after it sold 26.1 million units and was trailed by Zenith Bank, which traded 14.7 million units. Sterling Bank transacted 13.2 million units, UBA exchanged 10.2 million units, and Access Holdings traded 7.6 million units.
Cumulatively, investors bought and sold 137.3 million shares valued at N1.5 billion in 3,489 deals compared with the 181.2 million shares valued at N3.4 billion transacted in 3,908 deals in the midweek session, indicating a decline in the trading volume, value and the number of deals by 24.23 per cent, 55.88 per cent, and 10.72 per cent, respectively.
