By Dipo Olowookere
The gains recorded by the Nigerian Exchange (NGX) Limited in this week’s first three trading sessions were completely wiped off on Friday after the bourse closed lower by 1.60 per cent.
This was caused by the heavy sell-offs in the industrial goods space despite the bargain-hunting in its cousin’s territory, the consumer goods.
According to the stock market data, the industrial goods landscape went down by 4.83 per cent, the insurance counter fell by 0.45 per cent, the banking index declined by 0.22 per cent, while the consumer goods sector grew by 0.40 per cent, with the energy counter closing flat.
Dangote Cement was the worst-performing equity in the last session of the week as its share price weakened by 10.00 per cent to N220.50 due to a sell-down of its shares.
Learn Africa declined by 9.68 per cent to N1.68, Honeywell Flour shrank by 9.36 per cent to N2.13, Academy Press retreated by 7.53 per cent to N1.35, and NEM Insurance dwindled by 6.25 per cent to N3.75.
Conversely, Coronation Insurance ended the day as the best-performing stock after it gained 9.09 per cent to quote at 36 Kobo, Neimeth improved its share price by 8.70 per cent to N1.50, ABC Transport recovered 8.00 per cent to trade at 27 Kobo, Fidelity Bank increased by 7.89 per cent to N4.10, and FBN Holdings rose by 7.69 per cent to N9.80.
At the close of business, the market breadth was negative as there were 18 depreciating equities and 16 appreciating stocks, reflecting a weak investor sentiment.
On the activity chart, a total of 122.8 million shares valued at N4.4 billion exchanged hands in 3,402 deals on Friday compared with the 151.0 million shares worth N1.6 billion transacted in 2,998 deals on Thursday, indicating a decline in the trading volume by 18.67 per cent, a 183.07 per cent rise in the trading value and a 13.48 per cent increase in the number of deals.
Fidelity Bank was the most active stock during the session with 15.0 million units, Ecobank transacted 10.4 million units, Transcorp exchanged 9.1 million units, MTN Nigeria also sold 9.1 million units, and Japaul traded 8.0 million units.
Business Post reports that at the close of transactions, the All-Share Index (ASI) depleted by 712.54 points to 43,912.64 points from 44,625.18 points, and the market capitalisation shortened by N390 billion to N23.916 trillion from N24.306 trillion.
