Investors’ decision to sell stocks in the oil and gas sector caused the Nigerian Exchange (NGX) Limited to fall 0.25 percent on Friday.
Because of the losses printed by Oando and Seplat Energy, the energy index was down 4.62 percent at the close of trading.
Furthermore, profit-taking in the insurance sector weakened its index by 0.57 percent during the session, outweighing the 0.20 percent rise in the consumer goods counter and the 0.17 percent growth in the banking sector.
The industrial goods sector closed flat, with no impact on the overall performance of the local stock exchange in the week’s final trading session.
As a result, the All-Share Index (ASI) fell by 141.03 points to 55,529.21 points, down from 55,670.24 points, and market capitalization fell by N77 billion to N30.250 trillion, down from N30.327 trillion.
EntrepreneurNG observed that traders were still keeping an eye on Nigeria’s political landscape, which resulted in the selling pressure seen in the market yesterday.
A total of 750.8 million equities worth N2.7 billion were traded in 3,962 deals during the session, compared to 206.1 million equities worth N3.3 billion traded in 4,385 deals on Thursday, indicating a 264.29 percent increase in trading volume, an 18.18 percent decrease in trading value, and a 9.65 percent decrease in the number of deals.
Chams was the most active stock on the domestic bourse on Friday, trading 571.1 million shares, followed by Sterling Bank, which traded 45.6 million shares. Zenith Bank traded 17.4 million shares, Transcorp 11.0 million shares, and AIICO Insurance 9.4 million shares.
Unlike the previous day, market breadth was positive, with 17 price gainers and 16 price losers, indicating strong investor sentiment.
Seplat fell by 9.43 percent to N1,200.00, Oando fell by 8.62 percent to N4.56, Coronation Insurance fell by 6.82 percent to 41 Kobo, Unity Bank fell by 5.26 percent to 54 Kobo, and FCMB fell by 4.02 percent to N4.30.
On the other hand, Academy Press increased by 9.48 percent to N1.27, Neimeth increased by 8.97 percent to N1.58, Honeywell Flour increased by 7.83 percent to N2.34, Flour Mills increased by 4.69 percent to N33.50, and Sovereign Trust Insurance increased by 3.70 percent to 28 Kobo.
