Profit-Taking Persist as Stock Market Drops by N18bn

Darasimi Adebisi

Transactions on the Nigerian equities market yesterday closed on a negative note, taking the trading losses to the third consecutive day as investors’ profit-taking down market by N18 billion.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) dipped by 35.43 basis points, representing a decline of 0.09 per cent, to close at 39,184.18 basis points. Similarly, the overall market capitalisation value lost N18 billion to close at N20.416 trillion.

On sectors, the Consumer Goods (-0.6per cent), Banking (-0.2per cent), Insurance (-0.2per cent), and Oil & Gas (-0.1per cent) indices declined while the Industrial Goods index closed flat.

The market negative performance was driven by price depreciation in large and medium capitalised stocks amongst which are; Nigerian Breweries, UAC of Nigeria (UACN), Honeywell Flour Mills, Morison Industries and Dangote Sugar Refinery.

Furthermore, the market breadth closed negative, recording 17 losers as against nine gainers. AIICO Insurance recorded the highest price gain of 4.04 per cent to close at N1.03, per share.

Custodian Investment followed with a gain 3.15 per cent to close at N6.55, while Fidson Healthcare went up by 2.80 per cent to close at N6.25, per share.

Fidelity Bank rose by 2.55 per cent to close at N2.41, while Livestock Feeds gained 0.95 per cent each to close at N2.13, per share.

On the other hand, FTN Cocoa Processors led the losers’ chart by 8.77 per cent to close at 52 kobo, per share. Morison Industries followed with a decline of 5.42 per cent to close at N1.92, while UACN Property Development Company (UPDC) lost 4.84 per cent to close at N1.77, per share.

Jaiz Bank lost 4.76 per cent to close at 60 kobo, while Wema Bank shed 4.65 per cent to close at 82 kobo, per share.

The total volume of trades declined by 60.23 per cent to 169.297 billion units, valued at N1.424 billion, and exchanged in 3,449 deals.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 28.537 million shares valued at N25.756 million.

Zenith Bank followed with 16.592 million shares worth N398.197 million, while Honeywell Flour Mills traded 13.234 million shares valued at N54.949 million.

United Capital traded 12.798 million shares valued at N91.393 million, while Mutual Benefits Assurance transacted 8.322 million shares worth N2.523 million.