The growth recorded by the Nigerian Exchange (NGX) Limited on Tuesday was reversed on Wednesday following the reappearance of the bears.
The bourse was under selling pressure yesterday due to the profit-taking stance of traders, who were not too impressed with the decision of the Central Bank of Nigeria (CBN) to hold rate at 27 per cent a day earlier despite waning inflation.
Data showed that investors booked profit after the previous day’s gain, with 738.4 million shares valued at N35.5 billion traded in 19,919 deals during the session, in contrast to the 556.2 million shares worth N18.7 billion transacted in 19,500 deals in the preceding session.
This showed that the trading volume, value, and number of deals went up by 32.76 per cent, 89.84 per cent, and 2.15 per cent, respectively.
GTCO finished the day as the busiest equity with a turnover of 134.1 million units worth N11.6 billion, Access Holdings exchanged 110.5 million units valued at N2.3 billion First Holdco sold 62.8 million units worth N2.0 billion, UBA transacted 39.3 million units valued at N1.4 billion, and Nigerian Breweries traded 38.0 million units for N2.5 billion.
Business Post reports that investor sentiment was bullish at midweek despite the loss, as there were 29 appreciating stocks and 27 depreciating stocks, indicating a positive market breadth index.
Learn Africa shed 10.00 per cent to close at N5.22, Cadbury Nigeria declined by 9.92 per cent to N53.10, Meyer fell by 9.91 per cent to N14.55, UPDC gave up 8.83 per cent to settle at N5.47, and International Breweries slipped by 8.33 per cent to N11.00.
On the flip side, AIICO Insurance gained 10.00 per cent to sell for N3.52, NCR Nigeria jumped 9.96 per cent to N49.70, Ikeja Hotel expanded by 9.41 per cent to N25.00, Prestige Assurance inflated by 7.38 per cent to N1.60, and Sterling Holdings grew by 6.85 per cent to N7.80.
The financial services space put up a good fight yesterday with the others but the weak outcome of the consumer goods index crumbled the market.
The insurance counter appreciated by 2.66 per cent, the industrial goods industry rose by 2.03 per cent, the banking index went up by 0.24 per cent, the energy sector improved by 0.17 per cent, and the commodity closed flat, while the consumer goods depleted by 1.33 per cent.
When Customs Street closed for the day, the All-Share Index (ASI) retreated by 698.56 points to 143,064.57 points from 143,763.13 points and the market capitalisation contracted by N445 billion to N90.996 trillion from N91.441 trillion.