By Dipo Olowookere
Investors in the local equities sector lost an estimated N16 billion on Wednesday on sustained selling pressure across all key market sectors.
Data from the Nigerian Exchange (NGX) Limited revealed that the insurance meter lost 1.36%, the banking index fell 0.60%, the energy ecosystem shrank 0.16%, while that the consumer goods sector depreciated by 0.03%, with its cousin, the counter of industrial products closing flat.
Consequently, the All-Share Index (ASI) declined by 29.96 points to 51,556.54 points from 51,586.50 points, while the market capitalization fell by N16 billion to N27,795 billion. naira against 27,811 billion naira.
A total of 135.3 million shares worth 1.4 billion naira were traded in 3,745 trades during the midweek session, compared to 234.6 million shares worth 2.6 billion naira traded in 4,646 deals on Tuesday, representing a drop in volume, value and number of deals. transactions of 42.35%, 44.02% and 19.39% respectively.
The most traded stock of the day was Transcorp, selling 15.6 million units worth N19.6 million and was followed by GTCO, which traded 13.1 million units of worth N267.1 million. UPDC traded 12.0 million shares for N14.6 million, UBA sold 10.6 million shares worth N78.9 million, while Chams traded N7.8 million. shares for 1.9 million naira.
Despite the loss printed by the stock market yesterday, investor sentiment remained positive as there were 17 price winners and 16 price losers led by NEM Insurance and Champion Breweries, which fell 10.00% each to settle at N3.42 and N3.60 respectively.
Union Bank was down 9.76% at N5.55, University Press was down 8.91% at N2.35, while RT Briscoe was down 7.50% at 37 Kobo.
Topping the winners’ log was Academy Press after its value rose 9.79% to N1.57 and was closely followed by Consolidated Hallmark Insurance which rose 8.70% to 75 Kobo. Japaul rose 7.41% to 29 Kobo, UPDC REIT rose 4.35% to N3.60, while Chams gained 4.17% to settle at 25 Kobo.