Investors Take Profit in Banking, Insurance, Consumer Goods Shares As Nigerian Stock Market Falls

• The Nigerian Exchange closed negatively, falling by 0.73% as investors booked profits in insurance, consumer goods, and banking stocks
• Austin Laz, Champion Breweries, NCR, Multiverse, and Enamelware stocks led the gainers’ table
• Guinness Nigeria, Conoil, Consolidated Hallmark, Royal Exchange, and Ellah Lakes topped the losers’ chart

Dave Ibemere, a Legit.ng journalist has more than a decade of experience in business reporting, with deep expertise in the Nigerian economy, stock market, and broader market trends.

The Nigerian Exchange closed negatively on Wednesday, August 20, as investors took profit from the previous gains recorded in insurance, consumer goods, and banking stocks.

At the close of trading on Wednesday, the market declined by 0.73%.

The market’s downturn came despite investors' bargain hunting in oil and gas stocks.

Also, the year-to-date return decreased to 37.54%. So far this week, the market has dropped 2.12%, though it remains up 1.22% this month.

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Market performance on Wednesday

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) fell from 142,613.47 points to 141,566.30 points.

While the equities market capitalisation declined from N90.227 trillion to N89.564 trillion.

A total of 28,745 deals were recorded, with 721,817,889 shares traded at a value of N12.94 billion.

The most actively traded stocks were Champion Breweries, Universal Insurance, Royal Exchange, AIICO Insurance, and Regency Assurance.

Top 5 gainers:

• Austin Laz & Company Plc rose by N0.24 from N2.40 to N2.64 per share, gaining 10.00%.
• Champion Breweries Plc increased by N1.79 from N17.95 to N19.74 per share, up 9.97%.
• NCR Nigeria Plc appreciated by N0.85 from N8.70 to N9.55 per share, rising 9.77%.
• Multiverse Mining & Exploration Plc advanced by N0.90 from N10.20 to N11.10 per share, a gain of 8.82%.
• Enamelware Plc added N3.10 from N35.90 to N39.00 per share, up 8.64%.

Top 5 decliners:

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• Guinness Nigeria Plc dropped by N15.55 from N155.75 to N140.20 per share, down 9.98%.
• Conoil Plc fell by N23.40 from N234.50 to N211.10 per share, a decline of 9.98%.
• Consolidated Hallmark Insurance Plc lost N0.48 from N4.83 to N4.35 per share, down 9.94%.
• Royal Exchange Plc shed N0.25 from N2.52 to N2.27 per share, decreasing 9.92%.
• Ellah Lakes Plc declined by N1.62 from N16.52 to N14.90 per share, down 9.81%.

Top 5 trades by volume:

• Champion Breweries Plc: 54,519,972 shares, worth N988.28 million
• Universal Insurance Plc: 47,825,882 shares, worth N57.34 million
• Royal Exchange Plc: 46,151,893 shares, worth N105.15 million
• Regency Assurance Plc: 40,774,157 shares, worth N55.52 million
• AIICO Insurance Plc: 39,279,796 shares, worth N156.43 million

FX inflows improve

Earlier, Legit.ng reported that the value of the naira has appreciated in the black market following an increase in foreign exchange inflows from different sources into the country

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According to data from FBNQuest, total forex inflows rose 24% month-on-month to about $3.8 billion in July from $3.1 billion in June.

Weekly figures from Coronation Merchant Bank showed non-bank corporates led supply with $227.4 million, ahead of exporters ($179.6 million), the central bank ($171.2m) and FPIs ($167.4m).

Source: Legit.ng