By Dipo Olowookere
The Nigerian Exchange (NGX) Limited closed lower by 0.09 per cent to reverse the gains recorded in the preceding trading session.
Profit-taking in some mid-cap equities and others contributed to the loss reported on the trading day, with the insurance sector the most hit, falling by 1.44 per cent at the close of transactions.
It offset the gains recorded by the other sectors, as the energy space grew by 1.73 per cent, the banking counter improved by 0.64 per cent, the consumer goods index appreciated by 0.27 per cent, and the industrial goods sector gained 0.01 per cent.
When the bourse ended for the day, the market capitalisation went down by N50 billion to N55.576 trillion from the preceding day’s N55.626 trillion and the All-Share Index (ASI) decreased by 87.76 points to 96,715.04 points from 96,802.80 points.
Despite the disappointing outcome, investor sentiment was bullish, reflecting confidence in the market, as there were 32 price gainers and 25 price losers, representing a positive market breadth index.
CWG ended the day on top of the laggards’ group after it shed 10.00 per cent to trade at N5.40, Northern Nigerian Flour Mills fell by 9.94 per cent to N43.50, Academy Press declined by 9.93 per cent to N2.63, Learn Africa lost 9.92 per cent to settle at N3.36, and SCOA Nigeria dropped 9.90 per cent to sell at N1.73.
Conversely, Caverton ended on top of the advancers’ group as it chalked up 9.95 per cent to close at N2.10, Red Star Express gained 9.95 per cent to finish at N3.85, UPDC grew by 9.63 per cent to N1.48, Berger Paints expanded by 9.33 per cent to N20.50, and Conoil rose by 9.09 per cent to N168.00.
Business Post reports that the activity chart was mixed at midweek after the trading volume increased by 47.71 per cent and the trading value and the number of deals shrank by 33.84 per cent and 22.02 per cent, respectively.
Investors transacted 600.0 million shares worth N8.8 billion in 9,546 deals compared with the 406.2 million shares worth N13.3 billion traded in 12,241 deals on Tuesday.
Jaiz Bank finished the session as the most active stock with 237.2 million units sold for N545.6 million, UBA traded 39.8 million units worth N957.0 million, Access Holdings exchanged 28.5 million units for N520.4 million, Oando traded 26.6 million units valued at N2.4 billion, and RT Briscoe transacted 22.1 million units worth N72.4 million.