The Nigerian Exchange (NGX) Limited struggled for breath on Tuesday, as bears maintained their hegemony over the bourse, choking it by 0.29 percent at the close of trades.
It was the first trading session of the week because the market was closed on Monday due to the federal government’s declaration of a public holiday to commemorate Independence Day.
According to the Business Post, traders at the exchange were more interested in reducing their exposure to stocks rather than increasing their exposure due to inflation eroding their gains in equities.
The banking sector fell 2.58 percent, the consumer goods sector fell 0.41 percent, the energy sector fell 0.34 percent, the insurance index rose 0.42 percent, and the industrial goods sector closed flat.
The All-Share Index (ASI) fell 144.42 points to 48,879.74 points from 49,024.16 points at the close of business, while market capitalisation fell by N73 billion to N26.379 trillion from N26.452 trillion.
International Breweries was the worst-performing stock yesterday as it fell by 9.09 per cent to N4.30, Red Star Express lost 7.83 per cent to settle at N2.12, Sovereign Trust Insurance went down by 7.41 per cent to 25 Kobo, Japaul declined by 7.14 per cent to 26 Kobo, and Consolidated Hallmark Insurance fell by 7.02 per cent to settle at 53 Kobo.
The best-performing stock for the session was Multiverse as its value rose by 9.76 per cent to N4.05, RT Briscoe improved by 8.82 per cent to 37 Kobo, NGX Group appreciated by 7.50 per cent to N21.50, AIICO Insurance expanded by 5.77 per cent to 55 Kobo, and Africa Prudential grew by 4.00 per cent to N5.20.
During the session, investors transacted 173.5 million equities worth N2.4 billion in 4,926 deals compared with the 356.7 million equities worth N3.7 billion transacted in 3,219 deals, indicating a decline in the trading volume and value by 51.37 per cent and 36.09 per cent, respectively, and an increase in the number of deals by 53.03 per cent.
