Stock Market Down by 0.29% as Investors Regurgitate Tinubu’s Policies

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By Dipo Olowookere

The bears maintained their grip on the Nigerian Exchange (NGX) Limited, further inflicting a cut of 0.29 per cent on Friday as a result of persistent profit-taking.

The selling pressure hit most sectors of the stock market during the last trading day of the week as investors ponder on the effects of the government’s policies on the economy, especially the decision of President Bola Tinubu to borrow funds for consumption rather than production.

Despite the efforts of the industrial goods sectors to lighten up the mood by growing by 1.28 per cent, the bourse was bearish due to the losses suffered by the other key sectors of the bourse.

The banking index lost 4.42 per cent, the insurance counter depreciated by 4.03 per cent, the consumer goods space fell by 0.83 per cent, and the energy sector declined by 0.68 per cent.

Consequently, the All-Share Index (ASI) contracted by 179.21 points to 62,569.73 points from 62,748.94 points, and the market capitalisation decreased by N97 billion to N34.070 trillion from N34.167 trillion.

Investor sentiment remained weak yesterday due to the negative market breadth index triggered by the selling pressure on 57 equities, which ended on the losers’ log, as only 13 stocks finished on the gainers’ chart.

McNichols, Wema Bank, Regency Alliance, UAC Nigeria, and Flour Mills depreciated by 10.00 per cent each to close at 63 Kobo, N4.05, 36 Kobo, N9.00, and N30.60 apiece.

But NASCON gained 10.00 per cent to sell for N28.05, John Holt grew by 9.70 per cent to N1.81, SAHCO expanded by 9.67 per cent to N14.75, The Initiates increased by 8.93 per cent to 61 Kobo, and Guinea Insurance jumped by 8.00 per cent to 27 Kobo.

Business Post reports that 600.5 million stocks worth N8.8 billion exchanged hands in 9,554 deals on Friday compared with the 798.5 million stocks valued at N10.5 billion transacted on Thursday in 10,296 deals, representing a shortfall in the trading volume, value and the number of deals by 24.80 per cent, 16.19 per cent, and 7.21 per cent, respectively.

Access Holdings finished the session as the busiest after it traded 94.2 million shares valued at N1.4 billion, UBA sold 54.1 million stocks for N669.3 million, Fidelity Bank transacted 48.7 million equities worth N318.9 million, Zenith Bank traded 36.4 million stocks valued at N1.1 billion, and Transcorp exchanged 33.6 million shares worth N116.7 million.

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