Stock Exchange Indices Further Drop 0.48%

By Dipo Olowookere

Despite reversing the bearish investor sentiment, the Nigerian Exchange (NGX) Limited recorded a loss of 0.48 per cent on Thursday on the back of sustained profit-taking.

According to data obtained by Business Post, the stock exchange, at the close of trading activities, printed 20 price gainers and 15 price losers led by Veritas Kapital, which dropped 8.70 per cent to settle at 21 kobo.

UAC Nigeria depreciated by 7.49 per cent to N10.50, Transcorp Hotels fell by 6.78 per cent to N4.95, UPDC REIT went down by 2.94 per cent to N3.30, while Ecobank lost 2.92 per cent to trade at N11.65.

On the flip side, Conoil ended the session as the highest price gainer as it rose by 9.89 per cent to N24.45, RT Briscoe gained 9.80 per cent to trade at 56 kobo, Japaul appreciated by 9.68 per cent to 34 kobo, Meyer grew by 9.57 per cent to N1.03, while Regency Assurance expanded by 9.09 per cent to 36 kobo.

It was observed that the decline suffered by the market yesterday was chiefly caused by the consumer goods, banking and insurance sectors, which closed lower by 0.19 per cent, 0.12 per cent and 0.08 per cent respectively.

The energy index appreciated during the session by 0.39 per cent, while the industrial goods counter closed flat.

But the All-Share Index (ASI) contracted by 222.65 points to 46,543.51 points from 46,766.16 points, while the market capitalisation retreated by N120 billion to N25.092 trillion from N25.212 trillion.

At the exchange, investors transacted 244.0 million shares worth N2.35 billion in 4,710 deals compared with the 261.6 million shares worth N2.43 billion exchanged in 4,668 deals on Wednesday, signifying a decline in the trading volume and value respectively by 6.71 per cent and 3.46 per cent and a 0.90 per cent increase in the number of deals.

A breakdown showed that financial stocks dominated the market on Thursday, with Fidelity Bank ending the session as the most active stock as it sold 44.4 million units valued at N155.6 million.

Transcorp exchanged 35.8 million shares worth N34.9 million, Zenith Bank transacted 23.4 million stocks for N531.6 million, UBA sold 15.6 million equities worth N121.3 million, while Access Holdings traded 12.9 million shares for N125.9 million.