Sustained Sell Pressure Trims Stock Investors’ Wealth by N34bn

Sustained Sell Pressure Trims Stock Investors’ Wealth by N34bn

Sustained Sell Pressure Trims Stock Investors’ Wealth by N34bn By Dipo Olowookere

The wealth of stock investors in Nigeria was trimmed by N34 billion on Thursday after the Nigerian Exchange (NGX) Limited further depreciated by 0.15 per cent.

Sustained sell pressure extended the stay of the bears on Customs Street by another trading session as traders booked profit in banking and energy equities.

Business Post reports that activities of profit-takers shortened the market capitalisation of the exchange to N22.589 trillion as against the preceding day’s N22.623 trillion and weakened the All-Share Index (ASI) by 63.93 points to 43,285.97 points from 43,349.90 points.

The banking and energy sectors appreciated each by 0.19 per cent, while the industrial goods counter fell by 0.12 per cent, with the insurance and consumer goods sectors appreciating by 0.59 per cent and 0.14 per cent respectively.

Investor sentiment remained weak yesterday as there were 12 appreciating stocks and 23 depreciating equities led by Chams, which declined by 8.70 per cent to close at 21 kobo.

Regency Assurance depleted by 7.50 per cent to 37 kobo, Unity Bank lost 7.41 per cent to sell for 50 kobo, FBN Holdings retreated by 6.50 per cent to N11.50, while ABC Transport contracted by 6.06 per cent to 31 kobo.

Vitafoam and eTranzact were the highest price gainers during the session, rising by 10.00 per cent each to settle at N20.90 and N2.09 respectively.

Academy Press grew by 9.09 per cent to 36 kobo, Jaiz Bank appreciated by 6.45 per cent to trade at 66 kobo, while Axa Mansard gained 6.33 per cent to trade at N2.35.

A total of 210.6 million shares worth N2.6 billion were traded in 3,423 deals yesterday compared with the 264.8 million shares worth N6.1 billion traded in 4,230 deals a day earlier, indicating a decline in the trading volume, value and number of deals by 20.49 per cent, 57.17 per cent and 19.08 per cent respectively.

Sterling Bank ended the day as the most active stock with the sale of 60.2 million units valued at N90.3 million, followed by eTranzact, which transacted 14.1 million units worth N29.4 million.Transcorp traded 13.1 million equities valued at N12.7 million, GTCO sold 11.0 million stocks for N288.5 million, and Jaiz Bank exchanged 10.4 million shares for N7.0 million. Ahmed Urges Investors to Explore SEC’s Master Plan Initiatives

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