Data from the National Bureau of Statistics (NBS) that Nigeria’s Gross Domestic Product (GDP) improved by 3.84 per cent in the fourth quarter of 2024 could not lift the Nigerian Exchange (NGX) Limited on Tuesday.
Investors continued their panic selling yesterday, leaving Customs Street to sink deeper by 0.32 per cent at the close of transactions.
The profit-taking was across all the main sectors of the bourse, with the insurance space declining by 3.52 per cent and the energy counter losing 1.04 per cent.
Further, the banking sector went down by 0.56 per cent, the consumer goods index tumbled by 0.22 per cent, while the industrial goods and the commodity sectors lost 0.02 per cent apiece.
Consequently, the All-Share Index (ASI) moderated by 345.36 points to settle at 107,781.61 points compared with Monday’s 108,126.97 points, and the market capitalisation retreated by N216 billion to N67.168 trillion from the previous day’s N67.384 trillion.
There were 13 appreciating stocks and 49 depreciating stocks at the NGX during the session, representing a negative market breadth index and weak investor sentiment.
Honeywell Flour fell by 10.00 per cent to N11.25, Morison Industries declined by 9.97 per cent to N3.25, University Press eased by 9.90 per cent to N4.55, International Energy Insurance crashed by 9.75 per cent to N2.13, and Oando lost 9.72 per cent to settle at N52.00.
On the flip side, Smart Products Nigeria gained 10.00 per cent to close at 33 Kobo, NGX Group chalked up 9.97 per cent to finish at N32.00, Red Star Express appreciated by 9.57 per cent to N7.33, ABC Transport grew by 8.13 per cent to N1.33, and NPF Microfinance Bank increased by 5.14 per cent to N1.84.
Access Holdings was the most active equity yesterday with 36.9 million units sold for N945.6 million, Jaiz Bank traded 23.0 million units worth N76.6 million, Zenith Bank transacted 18.4 million units valued at N884.2 million, AXA Mansard exchanged 17.1 million units for N153.4 million, and Guinness Nigeria traded 14.9 million units valued at N1.1 billion.
When the market closed for the day, a total of 363.0 million shares worth N10.1 billion exchanged hands in 13,753 deals versus the 357.8 million shares valued at N9.2 billion traded in 15,914 deals a day earlier, implying a decline in the number of deals by 13.58 per cent, and a rise in the trading volume and value by 1.45 per cent, and 9.78 per cent, respectively.