By Dipo Olowookere
The Nigerian Exchange (NGX) Limited came under selling pressure on Tuesday, triggering a 1.17 per cent loss at the close of transactions.
Business Post reports that the sell-offs were across the major sectors of the stock exchange, with the banking sector shedding 4.21 per cent. The insurance space lost 2.82 per cent, the consumer goods counter depreciated by 0.29 per cent, the industrial goods index declined by 0.22 per cent, and the energy segment crumbled by 0.14 per cent.
When the bourse closed for the session, the All-Share Index (ASI) crashed by 2,897.67 points to 244,802.11 points from 247,699.78 points, and the market capitalisation decreased by N1.878 trillion to N158.722 trillion from N160.600 trillion.
The market breadth index was negative after Customs Street finished with four price gainers and 63 price losers, representing extremely weak investor sentiment.
Ellah Lakes gained 7.07 per cent to trade at N9.85, NGX Group appreciated by 1.38 per cent to N131.90, Learn Africa soared by 1.16 per cent to N8.75, and Wema Bank rose by 0.68 per cent to N29.70.
Conversely, AVA Capital gave up 10.00 per cent to quote at N5.40, Fortis Global Insurance shed 9.89 per cent to finish at N1.64, Abbey Bank slumped by 9.74 per cent to N6.95, CMFC tumbled by 9.66 per cent to close at N2.15, and First Holdco crashed by 9.30 per cent to N136.00.
During the session, investors transacted 753.2 million stocks worth N27.8 billion in 54,051 deals compared with the previous day’s 407.9 million stocks valued at N27.3 billion traded in 52,322 deals a day earlier. This indicated that the trading volume, value, and number of deals increased by 84.65 per cent, 1.83 per cent, and 3.31 per cent, respectively.
NEM Insurance was the most active equity yesterday, with a turnover of 131.7 million units valued at N4.1 billion, Mutual Benefits traded 88.1 million units worth N268.9 million, Sterling Holdings exchanged 40.9 million units for N308.6 million, Access Holdings transacted 36.9 million units valued at N1.1 billion, and Consolidated Hallmark sold 35.5 million units worth N223.1 million.
