The stock market in Nigeria declined by 0.24 per cent on Thursday as profit-taking took over the landscape, especially in MTN Nigeria and others.
The sell-offs at the Nigerian Exchange (NGX) Limited during the session shrank the All-Share Index (ASI) by 236.16 points to 100,063.32 points from 100,299.48 points and the market capitalisation depreciated by N134 billion to N56.604 trillion from N56.738 trillion.
DAAR Communications led the losers’ group on Thursday after it fell by 8.33 per cent to 44 Kobo, UPDC REIT declined by 8.26 per cent to N5.00, Guinea Insurance fell by 7.69 per cent to 36 Kobo, University Press lost 6.67 per cent to close at N2.10, and MTN Nigeria depreciated by 6.54 per cent to N200.00.
On the flip side, Oando topped the gainers’ table as it chalked up 9.93 per cent to trade at N15.50, Conoil appreciated by 9.52 per cent to N115.00, Veritas Kapital improved by 9.38 per cent to N1.05, Neimeth expanded by 8.61 per cent to N1.64, and Jaiz Bank grew by 7.55 per cent to N2.28.
Investor sentiment was slightly weak yesterday after the exchange finished with 24 price gainers and 25 price losers, indicating a negative market breadth index.
Fidelity Bank recorded the highest sales with a turnover of 539.4 million shares valued at N5.7 billion, GTCO traded 59.4 million stocks worth N2.8 billion, Veritas Kapital exchanged 40.4 million equities for N41.5 million, UBA transacted 36.0 million stocks worth N839.6 million, and Zenith Bank traded 24.0 million shares valued at N882.3 million.
At the close of business, 863.6 million equities valued at N12.6 billion were transacted in 7,931 deals during the session compared with the previous day’s 342.2 million equities worth N4.8 billion traded in 7,592 deals, representing a rise in the trading volume, value and number of deals by 152.37 per cent, 162.50 per cent, and 4.47 per cent, respectively.
Business Post reports that the industrial goods index retreated by 0.06 per cent, and the consumer goods declined by 0.01 per cent.
However, the banking sector appreciated by 2.12 per cent, the energy space improved by 1.43 per cent, and the insurance counter expanded by 0.15 per cent.
-By Dipo Olowookere