Profit-Taking Take Away N166bn from Stock Investors at NGX

Details showed that the banking index lost 1.02 per cent, the consumer goods sector depreciated by 0.39 per cent, the energy counter expanded by 0.24 per cent, and the industrial goods space went down by 0.18 per cent, while the insurance industry grew by 2.63 per cent.

When the market ended for the session, the All-Share Index (ASI) decreased by 266.76 points to 107,670.98 points from 107,937.74 points and the market capitalisation shrank by N166 billion to N67.180 trillion from N67.346 trillion.

Investor sentiment was bearish yesterday after Customs Street ended with 16 price gainers and 40 price losers, representing a negative market breadth index.

The Initiates shed 9.89 per cent to close at N4.01, Union Dicon tumbled by 9.82 per cent to N7.35, UPDC plunged by 9.09 per cent to N3.10, Cadbury Nigeria dipped by 9.06 per cent to N29.10, and Royal Exchange slowed by 7.07 per cent to 92 Kobo.

On the flip side, Consolidated Hallmark gained 9.76 per cent to trade at N3.71, Sunu Assurances jumped by 9.58 per cent to N6.52, Neimeth expanded by 8.77 per cent to N3.35, Cornerstone Insurance grew by 7.03 per cent to N3.35, and Coronation Insurance increased by 5.88 per cent to N2.70.

Yesterday, the market participants bought and sold 408.7 million equities worth N11.3 billion in 14,174 deals versus the 511.1 million equities valued at N12.8 billion transacted in 17,095 deals in the preceding session.

This showed that the trading volume, value, and number of deals went down by 20.04 per cent, 11.72 per cent, and 11.72 per cent, respectively.

At the close of transactions, Access Holdings traded 54.8 million shares worth N1.5 billion to lead the activity chart, followed by UBA with the sale of 31.4 million equities valued at N1.2 billion, Guinness Nigeria exchanged 30.3 million stocks for N2.2 billion, Fidelity Bank transacted 19.9 million shares worth N382.4 million, and Zenith Bank traded 15.9 million equities valued at N803.3 million.