The Nigerian Exchange (NGX) Limited key trading indices depreciated for the seventh straight session on Wednesday by 0.50%.
Yesterday’s loss was occasioned by the quick sales of equities by traders as a result of the unpalatable news springing up from the Foreign Exchange (FX) market.
OduNews reports that the value of the Naira to the Dollar further depreciated to an all-time low of N705/$1 and this triggered panic selling of Nigerian stocks by investors.
Just like the preceding session, only three shares appreciated in value at the midweek session, with FCMB chalking up 3.33 per cent to close at N3.10, NASCON rising by 0.91 per cent to N11.10, and Nigerian Breweries gaining 0.42 per cent to finish at N47.70.
On the flip side, 34 equities shed weight during the session, with the trio of Jaiz Bank, Custodian Investment and Prestige Assurance losing 10.00 per cent to trade at 72 Kobo, N6.30 and 36 Kobo respectively, while Meyer fell by 9.92 per cent to N2.27 and Cutix dropped 9.78 per cent to end at N2.03.
International Energy Insurance recorded the highest trade volume at the midweek session, selling 637.1 million stocks worth N1.0 billion, Transcorp sold 23.3 million shares valued at N23.2 million, GTCO exchanged 15.7 million equities worth N313.2 million, UBA transacted 13.2 million shares for N92.3 million, while FBN Holdings sold 12.7 million equities valued at N138.1 million.
Traders bought and sold 829.5 million shares worth N4.1 billion in 4,977 deals as against the 156.2 million shares worth N2.9 billion in 4,618 deals on Tuesday, indicating that the trading volume, value and number of deals jumped by 431.17 per cent, 39.79 per cent and 7.77 per cent apiece.
Analysis of the sectorial performance revealed that the consumer goods counter performed better yesterday, gaining 0.05 per cent, while the banking, insurance, energy and industrial goods sectors lost 2.34 per cent, 1.10 per cent, 1.07 per cent and 0.04 per cent respectively.
As a result, the All-Share Index (ASI) decreased by 253.82 points to 50,188.55 points from 50,442.37 points, while the market capitalisation depleted by N137 billion to N27.065 trillion from N27.202 trillion.
