Stock Market Down N64bn on Profit-taking in Presco, 26 Others

Kayode Tokede

The Nigerian stock market yesterday reversed the prior day’s gains by N64 billion in market capitalisation following investors profit-taking activities in Presco Plc and 26 others.

The Nigerian Exchange Limited (NGX) All Share Index (ASI) declined by 116.46 basis points or  0.17 per cent to close at 66,984.87 basis points from 67,101.33 basis points.

Accordingly, market capitalisation shed by N64 billion to close at N36.801 trillion from N36.865trillion it opened for trading.

Analysts at InvestmentOne Research said, “The local bourse closed negative due to the downward performance seen in the Banking and Consumer Goods 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.”

Analysing by sectors, the NGX Banking depreciated by 1.1 per cent, NGX Insurance dropped by 0.7 per cent, and NGX Consumer Goods dipped by 0.1 per cent, while the NGX Industrial Goods and Oil & Gas indices closed flat.

As measured by market breadth, market sentiment was negative, as 13 stocks lost relative to 27 gainers. McNichols recorded the highest price gain of 10 per cent to close at 66 kobo, per share. Capital Hotel followed with a gain of 9.82 per cent to close at N3.02, while Chams Holding Company rose by 9.38 per cent to close at N1.40, per share.

Associated Bus Companywent up by 8.82 per cent to close at 74 kobo, while Oando appreciated by 7.61 per cent to close at N9.90, per share.

On the other hand, John Holt led the losers’ chart by 10 per cent to close at N1.44, per share. Presco followed with a loss of 9.54 per cent to close at N182.00, while DAAR Communications declined by 8.70 per cent to close at 21 kobo, per share.

Deap Capital Management and Trust went down by 7.41 per cent to close at 25 kobo, while Jaiz Bank depreciated by 6.25 per cent to close at N1.50, per share.

The total volume traded declined by 4.2 per cent to 257.42 million units, valued at NGN7.80 billion, and exchanged in 6,498 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 53.396 million shares valued at N442.890 million. Access Holdings followed with 31.088 million shares worth N490.504 million, while United Bank for Africa (UBA) traded 26.772 million shares valued at N459.677 million.

Oando traded 13.565 million shares valued at N133.364 million, while Zenith Bank sold 11.267 million shares worth N358.984 million.