Stock Market Drops by N192bn Amid Profit-taking in Banking Stocks

Kayode Tokede

The stock market yesterday closed on a negative note, as investors’ profit-taking in banking stocks among others dragged the overall capitalization lower by N192 billion.

Specifically, FBN Holdings dropped by 9.86 per cent to close at N26.50 per share, while Access Holdings Plc depreciated by 5.21 per cent to close yesterday at N20 per share.

Jaiz Bank Plc and Unity Bajk Plc tumbled by 5.63 per cent and 3.90 per cent to close at N1.51 per share and N1.48 per share, respectively.  

Zenith bank Plc also dropped by 2.35 per cent to N35.25 per share as Guaranty Trust Holding Company dipped by 1.76 per cent to close N39 per share.

FCMB Group and United Bank for Africa (UBA) also dropped by 0.72 per cent and 0.45 per cent to close at N6.90 and N0.10 per share, respectively.

This brings the Nigerian Exchange Limited All-Share Index (NGX ASI) to a lost of 350.72 basis points or 0.49 per cent to close at 71,457.92 basis points from 71,808.64 basis points it opened for trading.

Accordingly, the NGX Month-to-Date and Year-to-Date returns moderated to +0.1per cent and 39.4 per cent, respectively.

Similarly, the market capitalisation of listed companies declined by N192 billion to close at N39.103 trillion from N39.295trillion it opened for trading.

Analysing by sectors, the NGX Banking dropped by two per cent, while the NGX Insurance added 1.8per cent. The NGX Consumer Goods, Industrial Goods and Oil & Gas indices closed flat.

As measured by market breadth, market sentiment was negative, as 29 stocks lost relative to 24 gainers. Multiverse Mining and Exploration emerged the highest price gainer of 9.91 per cent to close at N8.54, per share.

SCOA Nigeria and AXA Mansard Insurance followed with a gain of 9.76 per cent each to close at N1.35 and N4.50 respectively, while The Initiates Plc (TIP) and Infinity Trust Mortgage Bank rose by 9.52 per cent each to close at N1.15 and N1.61 respectively, per share.

On the other side, FBNH led the losers’ chart with 9.86 per cent to close at N26.50, per share. Secure Electronic Technology followed with a decline of 9.64 per cent to close at 75 kobo, while Deap Capital Management & Trust shed 9.46 per cent to close at 67 kobo, per share.

Champion Breweries depreciated by 7.04 per cent to close at N3.30, while Tantalizers down by 6.00 per cent to close at 47 kobo, per share.

The total volume traded decreased by 36.7 per cent to 436.56 million units, valued at N7.55 billion, and exchanged in 7,096 deals. Transactions in the shares of Universal Insurance led the activity with 52.725 million shares worth N13.492 million. Veritas Kapital Assurance followed with account of 44.573 million shares valued at N15.323 million, while Nigerian Breweries traded 37.461 million shares valued at N1.388 billion.

Access Holdings traded 34.651 million shares worth N705.853 million, while Zenith Bank traded 31.620 million shares worth N1.121 billion.