By Dipo Olowookere
Investors reacted negatively to inflation figures released Wednesday by the National Bureau of Statistics (NBS) for May 2022, deciding to sell after learning that the consumer price index rose 17.71%, against 16.82% in April 2022.
Persistent profit taking pushed the Nigerian Exchange (NGX) Limited further south by 0.64% at the close of trade as investor sentiment remained weak as 11 stocks rose while 26 stocks fell .
The Financials sectors were the hardest hit yesterday and erased gains made by the Energy and Industrials counters, which rose 0.07% and 0.04% respectively.
The banking index fell 2.01%, the insurance space lost 0.87%, while the consumer goods counter depreciated 0.53%.
Consequently, the All Share Index (ASI) fell by 338.24 points to 52,775.40 points from 53,113.64 points, while the market capitalization fell from N182 billion to N28,452 billion. against N28.634 billion.
Meyer ended the session as the biggest price drop as its value depleted 10.00% to N2.79, Linkage Assurance fell 8.93% to 51 kobo, Union Bank fell 10.00% to N2.79, 7.69% to N6.00, International Breweries fell 6.12% cent to N6.90, while FBN Holdings crashed 5.71% to N9.90.
On the other side of the coin, Tripple Gee finished as the biggest price riser after adding 9.20% to its stock price to close at 95 kobo, Learn Africa rose 5.49% to N2.50 , Unity Bank improved 2.13 percent. cent at 48 kobo, AIICO Insurance gained 1.56% to sell at 65 kobo, while Livestock Feeds gained 1.33% to trade at N1.52.
It was another quiet session yesterday as trading volume, value and number of trades depreciated by 37.30%, 23.76% and 9.34% respectively.
Indeed, investors traded 188.1 million shares worth N2.4 billion in 4,890 trades during the midweek session, compared to 300.0 million shares worth of 3.1 billion naira traded in 5,394 transactions on Tuesday.
UBA ended the trading day as the busiest, trading 36.4 million shares valued at 278.6 million naira, GTCO traded 24.4 million shares for 531.3 million naira, FBN Holdings traded 17.6 million shares for 175.8 million naira, Sterling Bank sold 14.3 million shares worth 21.9 million naira, while Zenith Bank traded 12.8 million shares valued at N286.8 million.
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