By Dipo Olowookere
The loss recorded by Oando and 30 other stocks sank the Nigerian Exchange (NGX) Limited deeper by 0.10 per cent on Thursday amid news that inflation cooled for the first time in several months to 33.40 per cent in July.
The National Bureau of Statistics (NBS) yesterday released the inflation numbers, which showed a contraction in the average prices of goods and services last month compared with the 34.19 per cent posted in June 2024.
Despite this information, the stock market maintained its selling pressure posture, resulting in the All-Share Index (ASI) closing lower by 99.24 points to 97,100.36 points from 97,199.60 points and the market capitalisation down by N56 billion to N55.132 trillion from N55.188 trillion.
Business Post reports that the consumer goods sector lost 0.60 per cent during the trading day, while the energy index appreciated by 2.63 per cent.
Further, the insurance counter improved by 0.41 per cent, the banking space slightly went up by 0.03 per cent, and the industrial goods sector closed flat.
It was observed that 31 stocks closed on the losers’ chart yesterday and 14 stocks finished on the gainers’ table, indicating a negative market breadth index and weak investor sentiment.
Oando lost 9.94 per cent to trade at N32.60, ABC Transport declined by 9.52 per cent to 76 Kobo, Livestock Feeds depreciated by 9.09 per cent to N2.20, Guinea Insurance fell by 9.09 per cent to 40 Kobo, and CWG dwindled by 7.69 per cent to N5.40.
On the flip side, Neimeth was the highest price advancer after it closed higher by 9.55 per cent to N2.18, TotalEnergies increased by 8.82 per cent to N511.90, AIICO Insurance gained 6.54 per cent to settle at N1.14, C&I Leasing expanded by 6.07 per cent to N2.97, and UPDC rose by 4.92 per cent to N1.28.
On Thursday, the stock market witnessed a slowdown in trading activities, with the trading volume, value, and number of deals waning by 13.96 per cent, 36.36 per cent, and 13.53 per cent, respectively.
A total of 271.3 million equities worth N3.5 billion were transacted in 7,233 deals at the close of business versus the 315.3 million equities valued at N5.5 billion exchanged in 8,365 deals at midweek.
Veritas Kapital topped the chart with the sale of 33.4 million stocks for N40.7 million, Sterling Holdings traded 16.7 million equities worth N65.9 million, AIICO Insurance transacted 16.4 million shares valued at N18.3 million, RT Briscoe sold 16.2 million equities worth N28.6 million, and GTCO transacted 15.9 million stocks valued at N725.2 million.