Insurance, consumer goods, banking stocks dip market by 0.73%

Investors who moved into the market on Wednesday to take profit in earlier rallied insurance, consumer goods and banking stocks caused the market’s decrease by 0.73 percent at the close of trading.

The market’s negative close came depsite mild bargain hunting in oil & gas stocks. This year’s positive return decreased to 37.54 percent. This week, the market has decreased by 2.12 percent, but has risen by 1.22 percent this month.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation decreased from preceding trading day’s highs of 142,613.47 point and N90.227 trillion respectively to 141,566.3 points and N89.564trillion.

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In 28,745 deals, investors exchanged 721,817,889 shares worth N12.936billion. Champion Breweries, Universal Insurance, Royal Exchange, AIICO and Regency Assurance were actively traded stocks on Wednesday.

Guinness Nigeria decreased from N155.75 to N140.20, losing N15.55 or 9.98 percent. Conoil also dropped from N234.50 to N211.10, losing N23.40 or 9.98 percent. Consolidated Hallmark also decreased from N4.83 to N4.35, down by 48 kobo or 9.94 percent.

Royal Exchange decreased from N2.52 to N2.27, losing 25 kobo or 9.92 percent. Another major decline Ellah Lakes dropped from preceding day’s high of N16.52 to N14.90, losing N1.62 or 9.81 percent.