By Dipo Olowookere
The Nigerian Exchange (NGX) Limited recorded a significant loss, 1.36 per cent, on Monday as investors trimmed their exposure to local equities.
The industrial goods index witnessed a decline of 4.96 per cent at the close of transactions, with the insurance space losing 0.71 per cent, and the consumer goods counter falling by 0.67 per cent.
However, the banking sector appreciated by 0.17 per cent and the energy counter improved at the close of business by 0.11 per cent.
When trading activities closed for the session, the All-Share Index (ASI) decreased by 1,318.63 points to 95,781.68 points from the 97,100.31 points recorded a day earlier, and the market capitalisation went down by N749 billion to settle at N54.383 trillion compared with last Friday’s closing value of N55.132 trillion.
Dangote Cement topped the losers’ table after it lost 10.00 per cent to trade at N532.00, Secure Electronics Technology fell by 9.76 per cent to close at 37 Kobo, Africa Prudential shed 9.68 per cent to N8.40, Beta Glass declined by 9.43 per cent to N48.00, and Caverton slumped by 6.38 per cent to N1.32.
On the flip side, the trio of Cutix, RT Briscoe, and SAHCO appreciated by 10.00 per cent to finish at N2.64, N1.87, and N26.40 apiece, as Oando rose by 9.90 per cent to N39.40, and FTN Cocoa gained 9.57 per cent to settle at N2.06.
Business Post observed that despite the loss, investor sentiment was bullish with 31 appreciating stocks and 18 depreciating stocks, indicating a positive market breadth index.
A total of 3.6 billion equities valued at N7.7 billion exchanged hands in 9,291 deals during the session versus the 349.0 million equities worth N7.5 billion traded in 7,677 deals last Friday, representing a rise in the trading volume, value, and number of deals by 916.19 per cent, 2.67 per cent and 21.02 per cent, respectively.
Standard Alliance Insurance was the busiest stock yesterday with a turnover of 3.1 billion units valued at N31.4 million, GTCO sold 59.3 million units for N2.7 billion, Wema Bank traded 25.4 million units worth N155.1 million, Access Holdings exchanged 24.7 million units for N471.2 million, and UBA traded 23.4 million units valued at N529.6 million.