The first trading session on the floor of the Nigerian Exchange (NGX) Limited after the two-day public holiday declared by the federal government on Monday and Tuesday ended on a negative note on Wednesday.
The local bourse closed 0.11 per cent at midweek due to profit-taking activities by the market participants despite bargain-hunting in the banking space.
The banking index appreciated by 0.07 per cent during the trading day, but the insurance counter went down by 2.61 per cent.
Further, the energy sector weakened by 0.49 per cent, the commodity space crumbled by 0.17 per cent, and the consumer goods industry declined by 0.01 per cent, while the industrial goods counter closed flat.
Consequently, the All-Share Index (ASI) contracted by 113.48 points to 105,547.16 points from 105,660.64 points and the market capitalisation retreated by N71 billion to N66.186 trillion from N66.257 trillion.
A total of 438.1 million shares worth N12.0 billion were traded in 17,286 deals yesterday compared with the 547.6 million shares valued at N21.6 billion transacted in 13,244 deals last Friday, representing an increase in the number of deals by 30.52 per cent, and a fall in the trading volume and value by 20.00 per cent and 44.44 per cent, respectively.
Data showed that Fidelity Bank traded 41.7 million equities valued at N783.3 million, Mutual Benefits exchanged 36.0 million shares for N38.2 million, Nigerian Breweries transacted 35.6 million stocks worth N1.2 billion, GTCO sold 33.1 million equities valued at N2.3 billion, and Zenith Bank traded 28.6 million shares worth N1.4 billion.
Business Post reports that 33 stocks ended on the losers’ chart on Wednesday and 25 stocks finished on the gainers’ table, representing a negative market breadth index and weak investor sentiment.
UAC Nigeria was the heaviest price loser after it shed 10.00 per cent to trade at N31.95, University Press lost 9.95 per cent to sell for N3.89, Sunu Assurances shed 9.92 per cent to end at N5.99, Consolidated Hallmark fell by 9.78 per cent to N3.23, and Learn Africa crashed by 9.64 per cent to N3.00.
On the flip side, UPDC REIT gained 10.00 per cent to settle at N6.05, Africa Prudential grew by 9.96 per cent to N14.35, VFD Group also expanded by 9.96 per cent to N51.90, Union Dicon increased by 9.28 per cent to N5.30, and May and Baker rose by 6.17 per cent to N8.60.