Another opportunity presented itself for investors to book profit on the Nigerian Exchange (NGX) Limited on Wednesday, and this was grabbed with both hands.
This profit-taking moderated Customs Street by 0.08 per cent at midweek, as market participants monitor global happenings, especially the Middle East crisis.
Last weekend, the United States and Israel launched airstrikes on Iran, causing the price of crude oil to rise on the global market.
Energy stocks on the local bourse have gained because of this in the past trading sessions, but yesterday, they witnessed sell-offs.
According to data from the NGX, only the insurance counter ended in green after it chalked up 0.33 per cent, as the others pointed south.
The consumer goods sector depreciated by 0.86 per cent, the banking index shed 0.45 per cent, the industrial goods space shrank by 0.03 per cent, and the energy segment also declined by 0.03 per cent.
As a result, the All-Share Index (ASI) gave up 158.74 points to settle at 196,463.22 points compared with the previous day’s 196,621.96 points, and the market capitalisation decreased by N102 billion to N126.097 trillion from N126.199 trillion.
Jaiz Bank crashed by 10.00 per cent to N10.80, Dangote Sugar also lost 10.00 per cent to trade at N74.70, CAP slipped by 9.97 per cent to N84.85, Union Dicon staggard by 9.94 per cent to N14.95, and Haldane McCall went down by 9.89 per cent to N3.92.
On the flip side, Premier Paints gained 10.00 per cent to sell for N12.10, Fortis Global Insurance appreciated by 9.73 per cent to N1.24, UAC Nigeria increased by 7.78 per cent to N115.00, Eterna jumped by 6.38 per cent to N35.00, and Custodian Investment grew by 6.06 per cent to N70.00.
At the close of business, there were 22 appreciating stocks and 37 depreciating stocks, implying a negative market breadth index and weak investor sentiment.
Investors transacted 805.3 million shares worth N38.4 billion in 71,312 deals yesterday compared with the 880.0 million shares valued at N44.5 billion traded in 86,761 deals a day earlier, indicating a shortfall in the trading volume, value, and number of deals by 8.49 per cent, 13.71 per cent, and 17.81 per cent, respectively.
The busiest stock on Wednesday was Veritas Kapital with 56.4 million units valued at N130.0 million, Jaiz Bank exchanged 51.0 million units worth N576.2 million, Universal Insurance transacted 48.4 million units for N61.4 million, Zenith Bank sold 47.6 million units valued at N4.4 billion, and Access Holdings traded 46.4 million units worth N1.2 billion.