The Nigerian Exchange (NGX) Limited failed to print its first gain this week as it further crashed by 0.38 per cent on Thursday.
A look at the data showed that investors are treading cautiously as more information is beginning to emerge on the alleged botched coup.
It was reported that 16 military officers were arrested for attempting to remove President Bola Tinubu from office. The military quickly refuted this, saying the persons apprehended were not plotting a coup.
Yesterday, a reputable news platform, Premium Times, published the names of officers believed to have been involved in the alleged act, which is termed treasonable. There were also reports of a military raid on the residence of a relative to a former Governor of Bayelsa State.
These developments, coupled with the silence of the government on the matter, unsettled traders, who are liquidating their shares to be safe. This is already taking its toll on the stock market, which is becoming weaker by the day because of panic sell-offs.
Apart from the banking space, which gained 0.06 per cent yesterday, every other key sector of Customs Street was in red at the close of transactions.
The insurance counter gave up 1.27 per cent, the consumer goods industry depreciated by 1.23 per cent, the commodity index lost 0.52 per cent, the energy sector shrank y 0.32 per cent and the industrial goods landscape fell by 0.25 per cent.
Consequently, the All-Share Index (ASI) retreated by 584.32 points to 153,676.66 points from 154,260.98 points and the market capitalisation moderated by N371 billion to N97.543 trillion from N97.914 trillion.
A total of 795.9 million stocks valued at N35.1 billion exchanged hands in 28,944 deals during the session compared with the 452.9 million stocks worth N14.8 billion traded in 27,654 deals at midweek, showing an uptick in the trading volume, value, and number of deals by 75.73 per cent, 137.16 per cent, and 4.67 per cent, respectively.
Wema Bank was the busiest equity at the session with 305.7 million units sold for N5.7 billion, as GTCO transacted 97.9 million units worth N8.7 billion, Aso Savings traded 75.4 million units valued at N70.9 million, Chams exchanged 24.6 million units worth N87.0 million, and AIICO Insurance traded 16.2 million units valued at N64.2 million.
Business Post reports that 20 shares were on the gainers’ log on Thursday and 39 shares ended on the losers’ table, representing a negative market breadth index and weak investor sentiment.
The trio of Cadbury, Chams, and International Breweries depleted by 10.00 per cent each to sell for N62.55, N3.51, and N12.60 apiece, as Learn Africa lost 9.92 per cent to settle at N5.90, and NAHCO shed 9.49 per cent to close at N113.00.
On the flip side, Oando grew by 9.99 per cent to N46.80, Aso Savings expanded by 9.30 per cent to 94 Kobo, AIICO Insurance chalked up 5.26 per cent to quote at N4.00, May and Baker increased by 5.00 per cent to N17.85, and Deap Capital surged by 4.97 per cent to N1.90.