Stock Market Down N240bn on Profit-taking in Stanbic IBTC Holdings, 24 Others

Kayode Tokede

Investors profit-taking on the Nigerian Exchange Limited (NGX) stock market yesterday in Stanbic IBTC Holdings and 24 others down the market capitalization by N140billion. 

Consequently, the NGX All-Share Index declined by 254.43basis  points or 0.38 per cent to close at 67,098.80 basis points.

Also, market capitalisation lost N140 billion to close at N36.864 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Stanbic IBTC Holdings, Nestle Nigeria, NASCON Allied Industries, Nigerian Breweries and MTN Nigeria Communications (MTNN).

Investor sentiment, as measured by market breadth closed negative as 16 stocks advanced, as against 25 stocks that declined. 

Learn Africa emerged the highest price gainer of 10 per cent to close at N3.30, per share. DAAR Communications followed with a gain of 9.52 per cent to close at 23 kobo, while UPDC appreciated by 8.00 per cent to close at N1.35, per share.

Thomas Wyatt Nigeria rose by 6.80 per cent to close at N3.30, while SUNU Assurance appreciated by 6.67 per cent to close at N1.12, per share. On the other side, McNichols led others on the losers’ chart with 8.82 per cent to close at 62 kobo, per share.

Omatek Ventures followed with a decline of 8.70 per cent to close at 42 kobo, while Stanbic IBTC Holdings shed 8.49 per cent to close at N69.55, per share. Champion Breweries went down by 8.09 per cent to close at N3.41, while Ikeja Hotel depreciated by 6.98 per cent to close at N2.93, per share.

The total volume of trades decreased by 24.9 per cent to 298.69 million units, valued at N4.48 billion, and exchanged in 5,453 deals. Transactions in the shares of United Ban for Africa (UBA) led the activity with 56.288 million shares worth N1.054 billion. Fidelity Bank followed with account of 33.882 million shares valued at N282.309 million, while Access Holdings traded 22.174 million shares valued at N364.028 million.

Transnational Corporations (Transcorp) traded 21.824 million shares worth N135.262 million, while Ellah Lakes traded 20.195 million shares worth N81.726 million.