Insurance leads NGX to shed 0.33%

The Nigerian Exchange Limited All-Share Index and market capitalisation depreciated in the just concluded by 0.33 per cent to close at 47,282.67 and N25.48tn respectively.

Cornerstone Insurance led the losers’ table, as the company’s share price fell by 21.62 per cent to close at 0.58 kobo. SCOA Nigeria, MRS Oil and Ikeja Hotel followed by shedding 15.90 per cent, 9.96 per cent and 9.87 to close at N2.38, N12.20 and N1.37 respectively.

The domestic stock market witnessed a fresh profit-taking activity, as investors lost N83bn during the five-day trading session.

Amid the renewed bearish sentiment, most sector gauges closed negative, except for the industrial goods indices, which rose by 0.14 per cent to close at 2,116.94 points.

The banking, insurance, consumer goods and oil and gas indices moderated by 0.17 per cent, 2.93 per cent, 0.43 per cent and 3.87 per cent to 443.72 points, 188.17 points, 570.78 points and 442.11 points respectively.

In the week under review, 2.449 billion shares worth N20.65bn in 20,764 deals were traded by investors, in contrast to 2.798 billion shares valued at N23.86bn that exchanged hands in the week before in 22,970 deals.

Measured by volume, the financial services industry led the activity chart with 1.810 billion shares valued at N11.56bn in 11,233 deals, contributing 73.91 per cent and 55.96 per cent to the equity turnover volume and value respectively.

The Information and Communications Technology industry followed with 349.937 million shares worth N4.05bn in 1,292 deals; while the conglomerates industry followed with a turnover of 101.523 million shares worth N548.69m in 1,084 deals.

Also, measured by volume, trading in the top three equities: FCMB Group, ETranzact International and Fidelity Bank, accounted for 1.472 billion shares worth N5.06bn in 1,006 deals, and contributed 60.12 per cent and 24.52 per cent to the total equity turnover volume and value respectively.

Analysts at Cowry Asset Management urged investors to “trade cautiously by investing in stocks with sound fundamentals to enjoy favourable Return on Investment.”

However, trading on the floor of the NGX, in the new week, some market watchers said, is expected to return to a bull run, as quoted companies continue to release their end-year financial results and declare dividends.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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