Home Business NGX Down By 0.01% As Investors Profit-taking Persist

NGX Down By 0.01% As Investors Profit-taking Persist

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Trading on the Nigerian Exchange Limited (NGX) ended on a cautious note on Friday with  key indices dropping marginally by 0.01 per cent.

Specifically, the All-Share Index inched lower by 4.06 basis points or 0.01 per cent to close at 38,324.07 basis points against 38,328.13 basis points on Thursday.

Also, capitalisation declined by two billion or 0.01 per cent to N19.975 trillion from N19.977 trillion reported on Thursday.

C & I Leasing dominated the laggards’ chart in percentage terms, losing 9.78 per cent to N4.06 per share.

Chams trailed with a loss of 9.09 per cent to close at 20k per share, while Julius Berger dipped 9.05 per cent to N19.10 per share.

Royal Express lost 8.82 per cent to close at 62k, while ABC Transport dropped by 6.82 per cent to 41 per share.

Conversely, Prestige Insurance led the gainers’ chart in percentage terms with 8.16 per cent to close at 53k per share.

Wapic Insurance garnered eight per cent to close at 54k, while NPF Micro Finance Bank gained 7.23 per cent to close at N1.78 per share.

However, the volume of shares traded rose by 10.84 per cent as investors bought and sold 174.30 million shares worth N1.95 billion in 2,581 deals.

This was against a turnover of 157.26 million shares valued  N1.74 billion in 2,824 deals on Thursday.

Chams was the most active stock, exchanging 36.89 million shares worth N7.39 million.

UACN followed with an account of 25.01 million shares valued N264.99 million, while BUA Cement traded 10.26 million shares worth N761.45 million.

Mutual Benefits sold 8.73 million shares valued at N761.45, while FBN Holdings traded 8.71 million shares valued  N62.67 million.

Analysts at Investment One research stated that, “The equities market closed down today due to the losses recorded in the most sectors.

“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.

“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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