By Dipo Olowookere
The Nigerian Exchange (NGX) Limited opened the new week on a bearish note after the first trading session finished 0.09 per cent lower on Monday.
Profit-taking in banking stocks, especially in FBN Holdings, GTCO, Access Holdings, and Zenith Bank, contributed to the downfall of the market during the session, which witnessed a surge in activity level.
Business Post reports that the banking index was down by 1.04 per cent, the consumer goods space fell by 0.44 per cent, and the industrial goods sector depreciated by 0.17 per cent due to selling pressure.
However, bargain-hunting activities by traders caused the insurance counter to rise by 1.05 per cent, while the energy sector closed flat at the close of transactions.
The All-Share Index (ASI) depreciated by 86.67 points yesterday to 99,656.38 points from 99,743.05 points and the market capitalisation decreased by N49 billion to N56.375 trillion from N56.424 trillion.
The market breadth index was negative on Monday after the bourse ended with 20 price gainers and 26 price losers, indicating a weak investor sentiment.
International Breweries was the worst-performing stock of the session after it shed 10.00 per cent to trade at N3.96, Deap Capital lost 8.93 per cent to sell for 51 Kobo, DAAR Communications declined by 8.77 per cent to 52 Kobo, Beta Glass cracked by 8.62 per cent to N53.00, and Oando crashed by 7.36 per cent to N13.85.
But Secure Electronic Technology closed as the best-performing stock after it gained 10.00 per cent to quote at 55 Kobo, VFD Group grew by 9.85 per cent to N44.60, John Holt expanded by 9.58 per cent to N2.86, Thomas Wyatt appreciated by 9.52 per cent to N2.30, and Transcorp Hotels increased by 9.33 per cent to N98.40.
Investors transacted 973.6 million shares worth N19.3 billion in 9,941 deals during the session compared with the 617.2 million shares worth N11.4 billion traded in 9,273 deals in the preceding trading day, representing a jump in the trading volume, value, and number of deals by 57.75 per cent, 69.30 per cent, and 7.20 per cent, respectively.
FBN Holdings was the most active equity with 627.6 million units valued at N13.5 billion, Beta Glass sold 25.7 million units for N1.9 billion, Veritas Kapital traded 35.3 million units worth N33.5 million, Chams exchanged 26.2 million units for N60.3 million, and AIICO Insurance transacted 24.3 million units valued at N23.2 million.