NGX Index Weakened By Persistent Profit-Taking By 1.88%

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The Nigerian Exchange (NGX) Limited lost a further 1.88 percent after the end of trading on Wednesday, pushing it farther into the danger zone.

It was noted that yesterday’s stock exchange suffered from persistent profit-taking activity as investors reduced their exposure to equities throughout the day.

As a result, there was less activity overall, with decreases in trading volume, value, and deal volume of 33.50%, 12.90%, and 23.62%, respectively.

This was due to the fact that investors traded 197.3 million shares for N2.7 billion in 3,506 deals as opposed to Tuesday’s 296.7 million share transaction worth N3.1 billion in 4,590 deals.

After trading 64.2 million units during the day, UBA was the most active stock, followed by Transcorp (32.0 million), Zenith Bank (15.9 million), Oando (10 million), and Mutual Benefits (7.3 million).

According to The News Chronicles, the Nigerian exchange’s midweek decline was mostly caused by the consumer goods sector, which fell 0.26 percent to reverse the advances made by the other sectors.

The banking index increased by 0.49 percent, the energy sector improved by 0.12%, and the industrial products sector increased by 0.04 percent. The insurance counter increased by 0.88 percent.

The market capitalization decreased by N553 billion to conclude at N28.883 trillion, down from Tuesday’s N29.436 trillion, and the All-Share Index (ASI) fell by 1,016.42 points to settle at 53,018.97 points as opposed to the previous day’s 54,035.39 points.

On Wednesday, there were 14 price losers and 11 price gainers at the close of the market, reflecting a negative market breadth.

The session’s largest loser was Airtel Africa, which plummeted by 10% to close at N1,331.10. Other losers were Ikeja Hotel, which dropped by 9.85% to N1, Multiverse, which sank by 9.59% to N2, 64, and Flour Mills, which declined by 4.84% to N29.50.

Contrarily, Coronation Insurance increased by 7.50% to close at 43 Kobo, Mutual Benefits increased by 6.25% to close at 34 Kobo, CWG increased by 5.26% to trade at N1, Eterna increased by 4.46% to trade at N5, and Cutix increased by 3.60% to N2.30.

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