Stock Market Close Flat on Profit-taking in MRS, 21 Others

Kayode Tokede

 Trading activities on the stock market of the Nigerian Exchange Limited (NGX) yesterday was flat as the capitalisation declined by N1 billion amid profit-taking in MRS Oil Nigeria and 21 others.

The NGX All-Share Index declined by 1.63 per cent or 0.003 per cent, to close at 55,603.94 basis points from 55,605.57basis points , as the overall market capitalisation value lost N1 billion to close at N30.290 trillion from N30.291trillion it opened for trading.

Consequently, the year-to-date (YTD) slipped to 8.49 per cent.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; MRS Oil Nigeria, Multiverse Mining and Exploration, Zenith Bank, NCR Nigeria and FBN Holdings (FBNH).

The market breadth was negative as 22 stocks lost relative to 10 gainers. Caverton Offshore Support Group  recorded the highest price gain of 9.62 per cent to close at N1.14, per share. UAC of Nigeria (UACN) followed with a gain of 7.60 per cent to close at N9.20 and Wapic Insurance up by 5.00 per cent to close at 42 kobo, per share.

AXA Mansard Insurance rose by 4.50 per cent to close at N2.09, while Chams Holding Company gained 3.85 per cent to close at 27 kobo, per share. On the other hand, MRS Oil Nigeria led the losers’ chart by 10 per cent to close at N31.05, while NCR Nigeria followed with a decline of 9.88 per cent to close at N2.92, per share.

Multiverse Mining and Exploration declined 9.85 per cent to close at N3.57, while Cutix and Veritas Kapital Assurance shed 9.09 per cent each to close at N2.00 and 20 kobo respectively, per share.

Meanwhile, the total volume traded increased by 29.07 per cent to 159.460 million units, valued at N2.476 billion, and exchanged in 4,187 deals.

Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 14.420 million shares valued at N18.467 million.

Zenith Bank  followed with 13.261 million shares worth N344.877 million, while Guaranty Trust Holding Company (GTCO)  traded 11.871 million shares valued at N311.013 million.

United Bank for Africa (UBA) traded 11.141 million shares valued at N95.469 million, while Fidelity Bank transacted 10.225 million shares worth N52.520 million.

Analysts at Afrinvest Limited stated that, “in the next trading session, we expect mild gains in the market as investors hunt for bargains.”