Stock Market Down Marginally on  Profit-taking in NGX Group, 20 Others

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday commenced the week on a negative note, as investors profit taking in Nigerian Exchange Group Plc and 20 others dragged benchmark Index down by 0.01 per cent.

Specifically, the NGX All-Share Index declined by 6.14 basis points or 0.01 per cent, to close at 55,788.37 basis  points, while the market capitalisation value lost N4 billion to close at N30.391 trillion.

The market breadth was negative as 21 stocks lost relative to 12 gainers. University Press recorded the highest price gain of 9.89 per cent to close at N2.00, per share. Computer Warehouse Group (CWG) followed with a gain of 7.69 per cent to close at 98 kobo and Multiverse Mining and Exploration up by 5.04 per cent to close at N3.75, per share.

BUA Foods rose by 4.21 per cent to close at N99.00, while Regency Alliance Insurance gained 3.45 per cent to close at 30 kobo, per share.

On the other hand, Nigerian Exchange Group led the losers’ chart by 9.72 per cent to close at N26.00, per share.

NPF Microfinance Bank followed with a decline of 8.47 per cent to close at N1.73, while Courteville Business Solutions lost 6.25 per cent to close at 45 kobo, per share.

Linkage Assurance declined 4.35 per cent to close at 44 kobo, while Royal Exchange shed 3.95 per cent to close at 73 kobo, per share.

Also, the total volume traded declined by 35.14 per cent to 179.028 million units, valued at N2.547 billion, and exchanged in 4,296 deals.

Transactions in the shares of Nigerian Exchange Group topped the activity chart with 38.154 million shares valued at N994.554 million. Transnational Corporation (Transcorp) followed with 19.734 million shares worth N26.602 million, while Sterling Bank traded 15.885 million shares valued at N23.081 million.

Zenith Bank traded 14.835 million shares valued at N374.263 million, while United Bank for Africa transacted 13.695 million shares worth N112.480 million.

This week, United Capital Plc expected “the depressed interest rate environment to continue to favour the equities market in line with our expectations for Q1, 2023.

“We believe that taking positions in stocks with solid valuations and dividend yields ahead of the dividend-paying season is a good strategy. However, we note that there may be profit-taking activities from the extended rallies.”