Stock Market Down 0.01%on Profit-taking in MRS, Eterna, 19 Others

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday closed on a negative note with a decline of 0.01 per cent as investors’ take profit in MRS Oil Nigeria Plc, Eterna Plc and 19 other stocks.

The stock market performance of yesterday witnessed Eterna dropping by 9.91, MRS Oil Nigeria depreciated by 9.85 per cent, Japaul Gold was down by 7.69 per cent , and Learn Africa that declined by 7.14 per cent.

On this, the NGX All-Share Index declined by 0.01 per cent, to close at 42,388.57 points from 42,394.71 basis points it opened for trading. Similarly, the overall market capitalisation value lost N3 billion to close at N22.126 trillion from N22.129trillion the market opened for trading.

As measured by market breadth, market sentiment was positive as 21 stocks gained relative to 15 losers.

Meyer Plc recorded the highest price gain of 9.52 per cent to close at 46 kobo, per share. Consolidated Hallmark Insurance followed with a gain of 9.26 per cent to close at 59 kobo, while CAP rose by 6.87 per cent to close at N19.45, per share.

Academy Press up by 6.38 per cent to close at 50 kobo, while Lasaco Assurance appreciated by 5.77 per cent to close at N1.10, per share. On the other hand, Eterna led the losers’ chart by 9.91 per cent to close at N5.00, per share.

MRS Oil Nigeria followed with a decline of 9.85 per cent to close at N12.35, while Japaul Gold and Ventures lost 7.69 per cent to close at 36 kobo, per share.

Learn Africa declined 7.14 per cent to close at N1.17, while FTN Cocoa processors shed 4.76 per cent to close at 40 kobo, per share.

The total volume traded increased by 94.1 per cent to 275.931 million units, valued at N3.935 billion, and exchanged in 3,489 deals.

Transactions in the shares of UACN topped the activity chart with 75.880 million shares valued at N720.791 million. FBN Holdings (FBNH) followed with 68.559 million shares worth N836.406 million, while United Bank for Africa (UBA) traded 16.723 million shares valued at N133.783 million.

Stanbic IBTC Holdings traded 13.316 million shares valued at N478.720 million, while Courteville Business Solutions transacted 7.10 million shares worth N2.662 million.

Analysts at InvestmentOne Research said: “ The equities market closed southwards today due to the losses printed in the Oil and Gas and Banking sectors.

“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”