Nigerian Exchange Index Marginally Down 0.01%

By Dipo Olowookere

A marginal 0.01 per cent slump was recorded by the Nigerian Exchange (NGX) Limited on Friday as selling pressure remained after inflation went up for the first time in three months in September 2024 to 32.70 per cent, according to the National Bureau of Statistics (NBS) on Tuesday.

The insurance sector closed lower by 0.91 per cent after the industrial goods space remained unchanged when trading activities ended for the session.

However, the consumer goods index appreciated by 0.63 per cent, the banking counter increased by 0.51 per cent, and the energy sector grew by 0.02 per cent.

At the close of trades, the All-Share Index (ASI) decreased by 11.10 points to 98,070.28 points from 98,081.38 points and the market capitalization declined by N7 billion to settle at N59.425 trillion compared with the N59.432 trillion it ended on Thursday.

The worst-performing stock was Aradel Holdings with a decline of 9.99 per cent to trade at N625.40, Deap Capital shed 9.66 per cent to close at N1.31, Champion Breweries lost 8.80 per cent to finish at N3.42, NPF Microfinance Bank depleted by 5.88 per cent to quote at N1.60, and Jaiz Bank slumped by 5.86 per cent to N2.25.

Conversely, McNichols was the best-performing stock after it chalked up 10.00 per cent to finish at N1.43, University Press rose by 9.41 per cent to N2.79, DAAR Communications appreciated by 9.09 per cent to 60 Kobo, Transcorp Power increased by 8.76 per cent to N359.90, and C&I Leasing gained 8.29 per cent to N3.79.

Business Post reports that investor sentiment was weak after the bourse ended with 22 price gainers and 23 price losers, indicating a negative market breadth index.

Yesterday, investors transacted 358.9 million shares worth N12.0 billion exchanged hands in 6,719 deals compared with the 232.2 million shares worth N6.2 billion traded a day earlier in 7,175 deals, representing a drop in the number of deals by 6.36 per cent, and a growth in the trading volume and value by 54.57 per cent and 93.55 per cent apiece.

The most active equity was Japaul with 136.6 million units valued at N327.1 million, UBA traded 38.6 million units worth N965.1 million, Zenith Bank exchanged 27.9 million units for N1.1 billion, Access Holdings transacted 27.4 million units valued at N558.3 million, and FCMB traded 11.9 million units worth N99.0 million.