Stock Market Sustains Profit-taking Momentum, Drops by N673bn

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday sustained the bearish run as the overall capitalization dropped by N673 billion.

The NGX All-Share Index (ASI) depreciated by 1,190.24 basis points or 1.20 per cent to close at 98,121.30 basis points from 99,311.54 basis points when the stock market opened for trading.

Also, market capitalization declined by N673 billion to close at N 55.494 trillion from N56.167 trillion when the stock market opened for trading.

Consequently, the NGX ASI Month-to-Date and Year-to-Date returns settled lower at -6.2per cent and +31.2per cent, respectively.

Sectoral performance was mixed, as the NGX Banking index dipped by 0.8per cent and Insurance index dropped by 0.3per cent, while the NGX Consumer Goods index added 0.1per cent.

Meanwhile, the NGX Industrial Goods and NGX Oil & Gas indices closed flat.

However, market breadth closed positive, as 22 stocks gained relative to 19 losers. SUNU Assurance, Neimeth International Pharmaceuticals and The Initiates Plc (TIP) emerged the highest price gainer of 10 per cent each to close at N1.21, N1.98 and N1.98 respectively, per share. CAP followed with a gain of 9.90 per cent to close at N28.85, while UPDC rose by 9.76 per cent to close at N1.35, per share.

On the other side, Transcorp Hotels and MTNN led the losers’ chart with 10 per cent each to close at N87.93 and N201.60 respectively, while Oando followed with a decline of 9.90 per cent to close at N9.10, per share.

FBNH depreciated by 9.82 per cent to close at N19.75, while Fidson Healthcare down by 9.75 per cent to close at N14.35, per share.

The total volume traded declined by 31.10 per cent to 395.751 million units, valued at N9.576 billion, and exchanged in 7,907 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the activity with 81.407 million shares worth N2.931 billion. Zenith Bank followed with account of 46.156 million shares valued at N1.691 billion, while United Bank for Africa (UBA) traded 41.600 million shares valued at N953.518 million.

FBNH traded 23.44 million shares worth N480.999 million, while Access Holdings traded 22.301 million shares worth N361.895 million.