The Nigerian Exchange (NGX) Limited further appreciated by 0.40 per cent on Wednesday amid signs that investors are slowing down on their appetite for local equities.
Data from Customs Street showed that traders are rebalancing their portfolios and are selling off some stocks in a profit-taking move.
A total 35 shares ended on the gainers chart, while 38 shares finished on the losers’ log, indicating a negative market breadth index and weak investor sentiment.
Union Dicon gained 10.00 per cent to trade at N8.80, Okomu Oil appreciated by 10.00 per cent to N1,204.50, Seplat also rose by 10.00 per cent to N6,171.00, NCR Nigeria improved by 9.97 per cent to N79.95, and McNichols advanced by 9.93 per cent to N4.76.
On the flip side, Cadbury Nigeria lost 10.00 per cent to sell for N63.00, Austin Laz retreated by 9.93 per cent to N5.08, Aluminium Extrusion shrank by 9.91 per cent to N19.55, Haldane McCall crashed by 9.85 per cent to N4.21, and FTN Cocoa slipped by 9.62 per cent to N6.01.
At midweek, investors transacted 1.4 billion stocks valued at N20.7 billion in 49,286 deals compared with the 759.0 million stocks worth N19.9 billion in 54,212 deals on Tuesday, representing a drop in the number of deals by 9.09 per cent, and a surge in the trading volume and value by 84.45 per cent apiece.
Universal Insurance was the busiest equity with 804.1 million units sold for N410.4 million, Linkage Assurance traded 54.9 million units worth N98.9 million, Access Holdings exchanged 29.7 million units valued at N691.5 million, Ellah Lakes exchanged 24.5 million units valued at N446.4 million, and Mutual Benefits transacted 24.5 million units worth N100.2 million.
At the close of business, the All-Share Index (ASI) was up by 640.68 points to 160,591.76 points from 159,951.08 points and the market capitalisation rose by N410 billion to N102.685 trillion from N102.275 trillion.