Local Stock Market Indices Shrink 0.03% Amid Bullish Sentiment

Business Post reports that the loss inflicted on the Nigerian Exchange (NGX) Limited yesterday was due to profit-taking in the consumer goods and energy sectors, which had closed lower by 0.22 per cent and 0.09 per cent, respectively.

They overpowered the gains of 2.68 per cent, 1.00 per cent, and 0.82 per cent recorded by the respective trio of the insurance, industrial goods and banking counters.

Consequently, the All-Share Index (ASI) went down by 31.30 points to 97,702.56 points from 97,733.86 points and the market capitalisation contracted by N19 billion to N59.226 trillion from N59.245 trillion.

The market breadth index was positive during the session after the NGX ended with 29 price gainers and 23 price losers led by Sovereign Trust Insurance, which declined by 10.00 per cent to trade at 72 Kobo.

John Holt depreciated by 9.98 per cent to N8.03, Ellah Lakes plunged by 9.92 per cent to N3.18, Thomas Wyatt crashed by 9.42 per cent to N1.73, and Aradel Holdings moderated by 8.72 per cent to N471.90.

On the flip side, Golden Guinea Breweries and Beta Glass gained 10.00 per cent each to sell for N4.07 and N53.90 apiece, Lafarge Africa soared by 9.95 per cent to N70.15, Honeywell Flour grew by 9.89 per cent to N4.89, and Sunu Assurances improved by 9.88 per cent to N4.67.

Yesterday, investors traded 1.2 billion shares valued at N27.4 billion in 9,403 deals compared with the 446.2 million shares worth N10.0 billion sold in 9,200 deals, indicating a surge in the trading volume, value and number of deals by 159.12 per cent, 174.00 per cent, and 2.21 per cent, respectively.

The busiest equity on Tuesday was FBN Holdings with a turnover of 779.6 million units valued at N18.8 billion, AXA Mansard traded 32.5 million units worth N242.8 million, UBA transacted 31.1 million units for N1.1 billion, Access Holdings sold 27.9 million units valued at N670.9 million, and Ellah Lakes exchanged 23.0 million units worth N76.5 million.