Selloffs Bring Down Nigerian Stock Market by 0.01%
By Dipo Olowookere
The Nigerian stock market succumbed to profit-taking on Wednesday, losing 0.01 per cent as a result of selloffs in GTCO, FBN Holdings, Access Bank, Ecobank and 13 others.
The delay in the release of the half-year results of tier-one banks at the Nigerian Exchange (NGX) Limited is still making some investors trade cautiously. They want to see what the numbers are saying before taking an action.
At the close of business at the midweek session, the All-Share Index (ASI) slumped by 4.69 points to 39,545.67 points from 39,550.36 points, while the market capitalisation shrank by N2 billion to N20.604 trillion from N20.606 trillion.
Business Post reports that the insurance sector depreciated yesterday by 0.87 per cent, while the other four key sectors closed bullish.
The consumer goods counter grew by 0.12 per cent, the banking sector rose by 0.08 per cent, while the energy and industrial goods counters appreciated by 0.04 per cent each.
Yesterday, SCOA Nigeria was the heaviest price loser, declining by 9.66 per cent to N1.59, followed by Prestige Assurance, which lost 8.33 per cent to trade at 44 kobo.
Regency Alliance depreciated by 6.98 per cent to 40 kobo, Mutual Benefits Assurance lost 5.71 per cent to sell for 33 kobo, while Caverton dropped 5.49 per cent to N1.72.
During the trading day, the gainers’ chart recorded 19 members led by Pharma Deko, which appreciated by 10.00 per cent to trade at N1.43.
BOC Gases grew by 9.78 per cent to N10.10, Honeywell Flour Mills improved by 9.72 per cent to N2.71, Courtville went up by 8.00 per cent to 27 kobo, while ABC Transport closed 6.06 per cent higher to 35 kobo.
A total of 132.1 million stocks worth N2.7 billion were traded in 3,307 deals on Wednesday as against the 110.8 million stocks worth N3.1 billion transacted in 3,305 deals on Tuesday, indicating a decline in the trading value by 13.29 per cent and an increase in the trading volume and the number of deals by 19.23 per cent and 0.06 per cent respectively.
Transcorp was the most traded stock yesterday with 14.2 million shares valued at N13.5 million, trailed by Chams with 14.1 million equities valued at N2.9 million.
Also, Zenith Bank traded 8.5 million stocks worth N206.2 million, GTCO sold 6.2 million shares valued at N175.0 million, while Oando exchanged 5.4 million stocks worth N26.8 million.