Nigerian Stocks Fall 0.28% as Investor Sentiment Turns Bearish

This was caused by profit-taking, especially in the energy sector, as its index weakened by 2.56 per cent, and the insurance counter depreciated by 1.83 per cent, while the industrial goods space slumped by 0.15 per cent.

However, the banking sector appreciated by 0.67 per cent, and the consumer goods counter improved by a marginal 0.01 per cent.

At the close of transactions, the All-Share Index (ASI) decreased by 276.94 points to settle at 97,506.87 points compared with the preceding day’s 97,783.81 points and the market capitalisation declined by N168 billion to finish at N59.107 trillion versus Thursday’s N59.275 trillion.

Regency Alliance lost 9.80 per cent to trade at 46 Kobo, Lasaco Assurance fell by 9.75 per cent to N2.13, Academy Press waned by 9.71 per cent to N2.79, Austin Laz declined by 9.68 per cent to N1.96, and Cornerstone Insurance depleted by 6.91 per cent to N2.56.

Conversely, Haldane McCall gained 9.54 per cent to quote at N6.20, Royal Exchange jumped by 8.77 per cent to 62 Kobo, Sovereign Trust Insurance improved by 7.35 per cent to 73 Kobo, Tantalizers rose by 5.50 per cent to N1.15, and NPF Microfinance Bank appreciated by 4.67 per cent to N1.57.

Business Post reports that FBN Holdings ended the session as the most active stock with 126.0 million units valued at N3.3 billion, Haldane McCall transacted 91.3 million units worth N521.8 million, Japaul sold 61.4 million units for N138.9 million, Tantalizers exchanged 35.7 million units valued at N40.5 million, and Sterling Holdings traded 23.8 million worth N114.5 million.

When trading activities closed for the session, the market participants bought and sold 515.5 million units of Nigerian stocks worth N15.1 billion in 7,554 deals compared with the 632.7 million units valued at N10.8 billion traded on Thursday in 8,404 deals, implying a rise in the trading value by 39.82 per cent and a decline in the trading volume and number of deals by 18.52 per cent and 10.11 per cent, respectively.