Local Equity Market Records 0.17% Meltdown on Profit-Taking

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited surrendered to the bears on Monday, leading to a 0.17 per cent meltdown at the close of transactions.

The loss was triggered by profit-taking in the insurance and energy sectors as a result of the 0.03 per cent and 0.01 per cent declines they respectively recorded during the session.

The 0.89 per cent growth achieved by the consumer goods counter, the 0.19 per cent gain posted by the banking index, and the 0.03 per cent jump printed by the industrial goods space could not save the bourse from sinking yesterday.

As a result, the All-Share Index (ASI) went down by 163.32 points to 97,582.41 points from 97,745.73 points and the market capitalisation was depleted by N92 billion to N55.405 trillion from N55.497 trillion.

Business Post reports that investor sentiment was weak on the first trading session of the week due to the exchange posting 25 price losers and 23 price gainers, indicating a negative market breadth index.

Chams shed 10.00 per cent to sell for N1.98, University Press declined by 9.92 per cent to N2.18, The Initiates lost 8.26 per cent to N2.00, Omatek fell by 8.20 per cent to 56 Kobo, and May and Baker shrank by 7.67 per cent to N6.50.

On the flip side, the trio of International Breweries, Presco, and Sovereign Trust Insurance gained 10.00 per cent each to sell for N4.62, N485.10, and 55 Kobo, respectively, as Oando and United Capital improved by 9.88 per cent each to N27.80 and N13.35 apiece.

A total of 324.0 million stocks valued at N6.2 billion were traded in 9,738 deals yesterday versus the 210.9 million stocks worth N4.0 billion traded in 6,603d deals last Friday, implying a rise in the trading volume, value, and number of deals by 53.63 per cent, 55.00 per cent, and 47.48 per cent apiece.

The busiest equity for the session was Zenith Bank, which transacted 37.0 million units worth N1.3 billion; UBA exchanged 35.0 million units valued at N708.5 million; Veritas Kapital traded 25.5 million units for N23.3 million; Oando sold 20.3 million units for N552.5 million; and Access Holdings traded 18.8 million units valued at N350.5 million.