Stock Market Depreciates by N268bn on Investors Profit-taking

Kayode Tokede

The domestic stock market yesterday extended losses from the previous session, bringing the overall capitalisation down by N268 billion.

Also, the Nigerian Exchange Limited All Share Index (NGX ASI) lost 475.18 basis points, or 0.48 per cent to close at 98,228.50 points. Also, market capitalisation shed N268 billion to close at N55.555 trillion.

Consequently, the NGX ASI’s Month-to-Date return was flat, while Year-to-Date return moderated to +31.4per cent.

Analysing by sectors, the NGX Banking Index dropped by 3.1per cent, NGX Insurance  Index was down by 1.5per cent and NGX Consumer Goods Index depreciated by 0.7per cent, while the Industrial Goods and Oil & Gas indices closed flat.

Also, investor sentiment, as measured by market breadth closed negative as 15 stocks advanced, while 28 declined. Japaul Gold & Ventures, May & Baker Nigeria and Presco recorded the highest price gain of 10 per cent each to close at N2.09, N6.60 and N291.50 respectively, per share.

FTN Cocoa Processors followed with a gain of 8.16 per cent to close at N1.59, while Wema Bank rose by 7.28 per cent to close at N8.10, per share.

On the other hand, Unity Bank led the losers’ chart by 10 per cent to close at N1.62, per share. FBNH followed with a decline of 9.91 per cent each to close at N25.45, while Champion Breweries declined by 9.78 per cent to close at N3.32, per share.

Livestock Feeds depreciated by 9.71 per cent to close at N1.58, while Wapic Insurance declined by 9.33 per cent to close at 68 kobo, per share.

Meanwhile, the total volume traded increased by 0.93 per cent to 425.664 million units, valued at N8.349 billion, and exchanged in 9,620 deals. Transactions in the shares of United Bank of Africa (UBA) topped the activity chart with 102.233 million shares valued at N2.675 billion. Access Holdings followed with 49.180 million shares worth N878.406 million, while Transcorp traded 30.139 million shares valued at N394.749 million.

Japaul Gold & Ventures traded 28.754 million shares valued at N59.060 million, while AIICO Insurance sold 22.648 million shares worth N22.779 million