NGX Starts Week With 0.11% Loss as Investors’ Wealth Leaks N62bn

Business Post reports weak investor sentiment resulted in sell-offs at the bourse yesterday, especially in the financial and industrial goods sectors.

According to data obtained from Customs Street, the insurance space closed lower by 1.22 per cent during the session as the industrial goods index fell by 0.53 per cent, and the banking counter weakened by 0.11 per cent.

However, the energy and the consumer goods counters witnessed bargain-hunting, resulting in their respective indices growing by 0.44 per cent and 0.02 per cent.

At the close of business, the All-Share Index (ASI) was down by 103.23 points to 98,107.52 points from 98,210.75 points, and the market capitalisation decreased by N62 billion to N59.472 trillion from N59.534 trillion.

On Monday, the market breadth index was negative after 19 stocks appreciated and 36 stocks depreciated, with the laggards’ chart led by Secure Electronic Technology due to a 10.00 per cent decline in its share price to 63 Kobo.

Guinea Insurance lost 8.93 per cent to trade at 51 Kobo, Deap Capital shed 8.40 per cent to N1.09, DAAR Communications fell by 7.02 per cent to 53 Kobo, and RT Briscoe declined by 6.12 per cent to N2.30.

On the flip side, Golden Guinea Breweries and the NGX Group appreciated by 10.00 per cent each to sell for N5.94 and N27.50 apiece, Tantalizers grew by 9.92 per cent to settle at N1.33, Africa Prudential soared by 9.72 per cent to N11.85, and Coronation Insurance increased by 9.35 per cent to N1.17.

During the session the trading volume and value went down by 58.11 per cent and 26.29 per cent, respectively, while the number of deals jumped by 31.43 per cent.

This was because the bourse recorded a turnover of 436.0 million shares worth N12.9 billion in 9,489 deals yesterday compared with the 1.0 billion shares valued at N17.5 billion traded in 7,220 deals last Friday.

FCMB led the activity chart after the sale of 61.7 million equities for N575.2 million, Access Holdings exchanged 51.1 million shares valued at N1.2 billion, UBA traded 27.2 million stocks worth N914.5 million, GTCO transacted 24.5 million shares valued at N1.3 billion, and Fidelity Bank sold 24.1 million equities worth N377.7 million.