The Nigerian Exchange Limited (NGX) stock market began active trading this week with investors profit-taking in 25 stocks against 11 gainers, bringing the market down by N90.14 billion.
The market capitalisation, one of the indicators used to measure stock market performance, fell by 0.32 percent, or N90.14 billion, to close yesterday at N27.713 trillion, down from N27.803 trillion when the stock market opened for trading.
As a result, the NGX All-Share Index fell 0.32 percent, or 167.16 basis points, to close at 51,390.25 basis points, down from 51,557.41 basis points when trading began.
The NGX indices’ sector performances were mixed, with the Consumer Goods Index rising 0.31 percent to 616.99 basis points and the Banking Index rising 0.05 percent to 398.18 basis points, while the Oil and Gas and Industrial Goods indices fell 0.01 percent and 0.04 percent, respectively, to 540.74 basis points and 2,117.01 basis points.
The stock market performance was negative, with losses printed in Multiverse Plc, which fell by 10% or N0.21 to close at N1.89, and Redstarex, which fell by 9.82% or N0.27 to close at N2.48. Cutix, which fell 8.33 percent or 0.20 to close at N2.20, was another loser, Unity Bank, which depreciated by 8.16 or N0.04 to close at N0.45; and Livestock, which dipped by 7.97 per cent or N0.11 to close at N1.27 per share.
This offset the gains by CWG when its price appreciated by 10 per cent or N0.08 to close at N0.88, while Caverton added 9.84 per cent or N0.12 to close at N1.34.
R.T. Briscoe In addition to gainers, Academy Press added 9.52 per cent or N0.18 to close at N2.07, while R.T. Briscoe gained 8.82 per cent or N0.03 to close at N0.37, and International Breweries added 7.41 per cent or N0.40 to close at N5.80.
In terms of activity levels, total volume and value increased by 73 per cent and 22 per cent, respectively, as investors exchanged about 199 million stock units worth N2.18 billion. Guaranty Trust Holdings Plc (GTCO) was the most actively traded stock, with about 51 million units of shares worth about N1 billion. N2.18 billion
According to analysts at InvestmentOne Research, the stock market closed negative today due to the losses recorded in the oil and gas and industrial sectors.
“Going forward, we expect investors’ sentiments to be swayed by the search for real positive returns and developments in the interest rate space.”
The firm started in its daily market report to investors that “we reiterate that this may be a great period to pick up some quality names with a medium-to-long-term investment horizon.”
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