Profit-taking in Airtel Africa, 11 Others Down Stock Market by 0.03%

Kayode Tokede

The negative sentiment dominated the stock market of the Nigerian Exchange Limited (NGX) yesterday as market indicator dropped by 0.03 per cent amid investors profit-taking on Airtel Africa Plc and 11 others undermined market performance.

The NGX All Share Index (ASI) declined by 14.33 basis points or 0.03 per cent to close at 56,024.52  basis points from 56,038.85 basis points.

Also, market capitalisation lost N7 billion to close at N30.506 trillion from N30.154trillion the market opened for trading yesterday.

The decline was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Flour Mills of Nigeria, Nigerian Exchange Group, Union Bank of Nigeria (UBN) and Lafarge Africa.

However, market breadth closed positive, as 32 stocks gained relative to 12 losers. Eterna and Honeywell Flour Mills recorded the highest price gain of 9.87 per cent each to close at N12.25 and N3.45 respectively, while FTN Cocoa processors followed with a gain of 9.86 per cent to close at 78 kobo, per share.

Cornerstone Insurance went up by 9.78 per cent to close at N1.01, while Wapic Insurance appreciated by 9.52 per cent to close at 46 kobo, per share. On the other hand, Union Bank led the losers’ chart by 8.86 per cent, to close at N7.20, per share. Flour Mills followed with a decline of 4.20 per cent to close at N33.10, while Nigerian Exchange Group declined by 3.11 per cent to close at N28.00, per share.

Prestige Assurance depreciated by 2.44 per cent to close at 40 kobo, while Courteville Business Solutions declined by 2.08 per cent to close at 47 kobo, per share.

The total volume traded increased by 23.30 per cent to 397.625 million units, valued at N6.537 billion, and exchanged in 5,613 deals. Transactions in the shares of NPF Microfinance Bank topped the activity chart with 100.762 million shares valued at N181.373 million.

Guaranty Trust Holding Company (GTCO) followed with 43.031 million shares worth N1.197 billion, while Japaul Gold & Ventures traded 27.838 million shares valued at N11.541 million.

Fidelity Bank traded 24.297 million shares valued at N140.898 million, while Access Holdings sold 23.021 million shares worth N293.044 million.