Home Politics Local stock market bows to profit-taking as investors lose N429.8bn

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Local stock market bows to profit-taking as investors lose N429.8bn

By adminJan 05, 2023, 17:05 pm0

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“At the Nigerian Exchange Limited (NGX) on Thursday, equities trading succumbed to selling pressure as the All-Share Index (ASI) shed 1.53 per cent to close at 50,868.52 basis points.”

At the Nigerian Exchange Limited (NGX) on Thursday, equities trading succumbed to selling pressure as the All-Share Index (ASI) shed 1.53 per cent to close at 50,868.52 basis points.

Basically, renewed profit-taking activity, particularly on Airtel Africa, NACHO, NGX Group, Sterling Bank and FBN Holdings share impacted the overall market as the share value of these companies depreciated by 8.26 per cent, 3.90 per cent, 3.60 per cent, 2.10 per cent and 0.45 per cent, respectively.

Consequently, the year-to-date gain of the local bourse slipped into negative territory at -0.75 per cent despite a positive market breadth.

Equities investors, therefore, shed N429.77 billion on Thursday as the market capitalization settled lower at N27.71 trillion by the end of the day’s trading activities.

Market breadth closed positively with advancing issues outnumbering declining ones. On the performance board, Honeywell Flour Mills led 17 others on the gainer’s table having appreciated n value by 9.95 per cent, while Airtel Africa topped 12 others on the laggard’s log with an 8.26 per cent dip in its share value.

Performance for most sub-sectors was bullish, as three of the five sub-indices closed positive: the NGX Banking, the NGX Consumer Goods, and the NGX Oil/Gas indices rose by 0.88 per cent, 1.33 per cent and 0.09 per cent, respectively.

On the flip side, the NGX Insurance index moderated by 0.97 per cent, while the NGX Industrial index remained relatively unchanged from the previous day.

Analysis of market activities for the day under review showed trade turnover settled lower relative to the previous session, with the value of transactions down by 86.49 per cent.

A total of 138.72 million shares valued at N1.83 billion were exchanged in 3,673 deals.
Sterling Bank led the volume chart with 29.15 million units traded, while Guaranty Trust Holding Company led the value chart in deals worth N477.77 million.

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