Weak Investor Sentiment as Nigerian Exchange Drops 0.06%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited lost 0.06 per cent on Friday on the back of persistent profit-taking influenced by weak investor sentiment.

Investors found a reason to sell off stocks in the insurance, consumer goods and industrial goods sectors, which dropped 1.47 per cent, 0.19 per cent, and 0.01 per cent, respectively.

However, the energy counter gained 0..72 per cent, while the banking space marginally appreciated yesterday by 0.01 per cent.

At the close of transactions, the All-Share Index (ASI) was down by 32.60 points to 54,327.30 points from 54,359.90 points, and the market capitalisation declined by N17 billion to N29.591 trillion from N29.608 trillion.

The market breadth was negative yesterday as there were 22 price losers and 13 price gainers at the close of transactions at the bourse.

International Energy Insurance lost 9.49 per cent to trade at N1.24, Sovereign Trust Insurance depreciated by 8.33 per cent to 30 Kobo, The Initiates declined by 8.33 per cent to 44 Kobo, Consolidated Hallmark Insurance went down by 7.35 per cent to 63 Kobo, and Cutix depreciated by 7.24 per cent to N2.05.

On the flip side, Conoil gained 9.95 per cent to finish at N32.05, Tripple Gee went up by 9.60 per cent to N1.37, Geregu Power grew by 4.85 per cent to N209.70, NPF Microfinance Bank expanded by 1.12 per cent to N1.80, and Caverton rose by 1.04 per cent to 97 Kobo.

During the session, traders transacted 175.7 million shares worth N5.3 billion in 3,563 deals compared with the 222.6 million shares worth N3.0 billion traded in 3,287 deals on Thursday, indicating a decline in the trading volume by 21.07 per cent, a surge of 76.67 per cent in the trading value, and an increase in the number of deals by 8.40 per cent.