By Dipo Olowookere
The Nigerian Exchange (NGX) Limited recorded a marginal loss of 0.04 per cent on Wednesday, with bears rearing their ugly heads after going on sabbatical for three previous trading sessions.
It was the first decline the local stock market was experiencing this week. It was influenced by the profit-taking activities of traders in reaction to the macroeconomic environment.
The insurance counter went down by 0.36 per cent during the session, and the consumer goods space weakened by 0.01 per cent at the close of transactions.
However, the banking sector gained 1.09 per cent, the energy index appreciated by 0.05 per cent, and the industrial goods sector improved by 0.01 per cent.
At the close of the trading day, the market capitalisation depleted by N24 billion to settle at N56.646 trillion compared with the previous day’s N56.670 trillion, as the All-Share Index (ASI) deflated by 43.27 points to 100,032.32 points from 100,075.59 points.
Business Post reports that investor sentiment was firmly bullish at midweek as a result of the bourse closing with 28 appreciating equities and 15 depreciating equities, which means a positive market breadth index.
RT Briscoe lost 5.71 per cent to trade at 66 Kobo, FTN Cocoa shed 4.44 per cent to sell for N1.72, Tantalizers declined by 4.26 per cent to 45 Kobo, Neimeth fell by 3.53 per cent to N1.64, and Consolidated Hallmark depreciated by 3.45 per cent to N1.40.
On the flip side, United Capital gained 10.00 per cent to quote at N36.30, Africa Prudential improved by 9.88 per cent to N8.90, Cutix jumped by 9.86 per cent to N6.13, Oando soared by 5.62 per cent to N16.90, and Julius Berger expanded by 4.79 per cent to N87.50.
A total of 1.1 billion stocks worth N10.1 billion were transacted during the session in 8,720 deals compared with the 368.4 million stocks valued at N5.4 billion traded in 8,151 deals a day earlier, implying a surge in the trading volume, value and number of deals by 198.40 per cent, 36.49 per cent, and 6.98 per cent, respectively.
The highest trading volume was pulled by Jaiz Bank at 528.5 million equities valued at N1.2 billion, followed by Cutix, which transacted 194.6 million shares worth N1.2 billion. Zenith Bank sold 77.8 million stocks for N3.1 billion, Universal Insurance exchanged 36.3 million shares valued at N12.4 million, and FCMB traded 33.9 million equities worth N257.1 million.