By Dipo Olowookere
Investors at the stock market continued to access the impact of the interest rate hike of 0.50 per cent to 26.75 per cent by the Central Bank of Nigeria (CBN) after its Monetary Policy Committee (MPC) meeting on Tuesday.
On Wednesday, the Nigerian Exchange (NGX) Limited further depreciated by 0.12 per cent as a result of sustained profit-taking, particularly in the banking sector.
The continued selling pressure shrank the All-Share Index (ASI) by 120.95 points to 100,365.17 points from 100,486.12 points and the market capitalisation depreciated by N69 billion to N56.830 trillion from N56.899 trillion.
The market breadth index remained negative after the bourse closed with 15 price gainers and 21 price losers, implying a weak investor sentiment.
Secure Electronic Technology ended the day as the heaviest price loser after it shed 9.43 per cent to trade at 48 Kobo, RT Briscoe lost 8.22 per cent to settle at 67 Kobo, UBA depreciated by 5.07 per cent to N21.55, Livestock Feeds shed 4.56 per cent to trade at N2.30, and United Capital tumbled by 4.27 per cent to N37.00.
Conversely, International Breweries and Sovereign Trust Insurance recorded the highest price appreciation after they gained 10.00 per cent each to quote at N4.07 and 55 Kobo apiece, Deap Capital chalked up 9.80 per cent to finish at 56 Kobo, The Initiates rose by 7.50 per cent to N2.15, and FCMB leapt by 5.26 per cent to N8.00.
A total of 497.8 million shares worth N8.6 billion were traded in 8,412 deals during the session versus the 280.9 million shares valued at N3.6 billion exchanged in 8,403 deals in the preceding trading day, indicating a surge in the trading volume, value, and number of deals by 77.22 per cent, 138.89 per cent, and 0.11 per cent, respectively.
FCMB ended the trading day as the most active stock after it sold 133.9 million units valued at N1.0 billion, Access Holdings exchanged 72.8 million units for N1.4 billion, Zenith Bank traded 60.1 million units worth N2.2 billion, UBA transacted 29.1 million units valued at N639.6 million, Universal Insurance traded 22.9 million units worth N7.7 million.