Sell-Offs in Financial Equities Weaken NGX All-Share Index by 0.09%

By Dipo Olowookere

Financial equities came under selling pressure on Tuesday, causing the Nigerian Exchange (NGX) Limited to further weaken by 0.09 per cent at the close of business.

During the session, the All-Share Index (ASI) gave up 222.61 points to settle at 247,513.63 points compared with the previous day’s 247,736.24 points, and the market capitalisation crumbled by N145 billion to close at N160.708 trillion versus the preceding session’s N160.853 trillion.

Business Post reports that investor sentiment turned bullish yesterday despite the poor outcome, as Customs Street closed with 24 appreciating stocks and 21 depreciating stocks, indicating a positive market breadth index.

The loss was triggered by the 2.59 per cent decline recorded by the banking index and the 0.24 per cent fall suffered by the insurance counter.

Legend Internet slipped by 6.85 per cent to close at N3.40, Omatek shrank by 6.43 per cent to N1.31, Secure Electronic Technology crashed by 5.71 per cent to 66 Kobo, Mutual Benefits depreciated by 5.49 per cent to N3.10, and AIICO Insurance tumbled by 4.39 per cent to N3.92.

But eTranzact gained 9.96 per cent to settle at N14.35, Coronation Insurance improved by 7.83 per cent to N2.48, DAAR Communications soared by 7.25 per cent to N1.48, Livestock Feeds grew by 6.92 per cent to N15.45, and Chams expanded by 5.88 per cent to N3.60.

During the trading day, market participants traded 394.2 million shares for N21.4 billion in 38,707 deals versus the 405.4 million shares worth N19.9 billion exchanged in 52,977 deals a day earlier.

This showed that the trading volume decreased by 2.76 per cent, the number of deals contracted by 26.94 per cent, and the trading value increased by 7.54 per cent.

The most active equity was Access Holdings, with a turnover of 57.0 million units valued at N1.6 billion. Livestock Feeds sold 48.0 million units worth N757.5 million, GTCO transacted 24.4 million units for N3.1 billion, UBA exchanged 22.8 million units valued at N980.0 million, and Zenith Bank traded 16.7 million units for N2.1 billion.