By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further depreciated by 1.20 per cent on Wednesday on persistent profit-taking spurred by low confidence in a few blue-chip stocks.
The selling pressure shrank investors wealth by N673 billion during the midweek session to N55.494 trillion from the preceding day’s N56.167 trillion, and the All-Share Index (ASI) went down by 1,190.24 points to 98,121.30 points from 99,311.54 points.
The worst-performing equities for the day were MTN Nigeria and Transcorp Hotels, which lost 10.00 per cent each to close at N201.60, and N87.93, respectively. Oando shed 9.90 per cent to N9.10, FBN Holdings depreciated by 9.82 per cent to N19.75, and Fidson declined by 9.75 per cent to N14.35.
On the flip side, Neimeth, Sunu Assurances, and The Initiates ended the day as the best-performing stocks after they gained 10.00 per cent each to settle at N1.98, N1.21, and N1.98, respectively, and CAP rose by 9.90 per cent to N28.85, while UPDC improved by 9.76 per cent to N1.35.
Business Post observed that despite the loss posted by the bourse, investor sentiment turned bullish yesterday after 22 shares finished on the gainers’ chart and 19 shares closed on the losers’ table, indicating a positive market breadth index.
The activity chart was mixed on Wednesday after traders transacted 395.8 million equities worth N9.6 billion in 7,907 deals compared with the previous day’s 574.4 million equities worth N7.8 billion in 7,324 deals, implying a decline in the volume of transactions by 31.09 per cent, and a rise in the value of trades by 23.08 per cent and a jump in the number of deals by 7.96 deals.
A look at the sectorial performance showed that the banking and the insurance sectors weakened by 0.83 per cent, and 0.27 per cent apiece, as the consumer goods and the industrial goods sector appreciated by 0.05 per cent, and 0.02 per cent, respectively, while the energy index closed flat.
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