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Stock investors lose N12bn amid low trading volume

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On account of new profit-taking, stock traders at the Nigerian Exchange (NGX) Limited lost N12 billion on Wednesday.

Stock investors lose N12bn amid low trading volume

Stock investors lose N12bn amid low trading volume

Yesterday, only 51.9 million shares worth N590.0 million exchanged hands in 2,981 deals compared with the 147.6 million shares worth N2.4 billion transacted on Tuesday in 3,323 deals, indicating a decline in the trading volume, value and number of deals by 64.85 per cent, 75.35 per cent and 10.29 per cent, respectively.

Zenith Bank, which recorded the highest volume of trades, sold 6.3 million shares valued at N125.5 million and was followed by GTCO, which sold 5.0 million stocks for N94.9 million. Sterling Bank transacted 4.9 million equities for N7.3 million, Fidelity Bank exchanged 3.9 million shares for N13.6 million, while Transcorp traded 3.0 million equities worth N3.1 million.

During the midweek session, bargain hunters were active in the banking sector, but despite the 0.49 percent increase they recorded, the market still declined.

This was due to the other sectors’ losses being too great for the exchange, which included a 1.21% decline in the insurance market, a 0.10% decline in the energy sector, a 0.3% decline in the industrial products sector, and a 0.2% decline in the consumer goods market.

When the market closed for the day, the All-Share Index (ASI) was down by 0.05 per cent or 23.40 points to 49,421.91 points from 49,445.31 points, while the market capitalisation decreased by N12 billion to N26.658 trillion from N26.670 trillion.

The market breadth was negative yesterday as there were 12 price losers and 10 price gainers.

Academy Press lost 9.78 per cent to finish at N1.66, NEM Insurance dropped 6.08 per cent to settle at N5.25, Cadbury declined by 5.45 per cent to N13.00, Jaiz Bank retreated by 4.76 per cent to 80 Kobo, while NGX Group went down by 4.38 per cent to N18.55.

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