Stock Market Depreciates by N236bn to Commence August on Profit-taking

The stock market segment of the Nigerian Exchange Limited (NGX) yesterday opened the new month on profit-taking, leading to N236billion drop in market capitalisation.

The All-Share Index (ASI) lost 414.46 basis points or 0.42 per cent to close at 97,359.76 basis points. Consequently, market capitalisation declined by N236 billion to close at N55.278 trillion.

Accordingly, the stock market Mont-till-Date (MTD) and Year-till-Date (YtD) returns printed lower at -2.7per cent and +30.2per cent, respectively.

From a sectoral perspective, the NGX Consumer Goods Index (-0.6per cent), NGX Insurance Index (-0.2per cent) and NGX Oil & Gas Inde (-0.1 per cent) posted decline, while the NGX Banking Index (+0.4per cent) posted gains. The NGX Industrial Goods index remained unchanged.

However, market breadth closed positive, as 22 stocks gained relative to 19 losers. United Capital emerged the highest price gainer of 9.95 per cent to close at N11.05, per share.

Africa Prudential and CUTIX followed with a gain of 9.94 per cent each to close at N9.40 and N5.64 respectively, while Tantalizer advanced by 9.52 per cent to close at 46 kobo, per share.

UPDC Real Estate Investment Trust rose by 8.99 per cent to close at N4.85, while Cadbury Nigeria appreciated by 8.65 per cent to close at N20.10, per share.

On the other side, MeCure Industries led others on the losers’ chart with 9.94 per cent to close at N8.15, per share. Thomas Wyatt Nigeria followed with a decline of 9.74 per cent to close at N1.76, while Wapic Insurance shed 8.24 per cent to close at 78 kobo, per share.

Oando lost 8.00 per cent to close at N23.00, while Dangote Sugar Refinery shed 7.67 per cent to close at N34.30, per share.

The total volume of trades decreased by 69.26 per cent to 565.116 million units, valued at N8.531 billion, and exchanged in 6,821 deals. Transactions in the shares of Fidelity Bank led the activity with 372.914 million shares worth N3.945 billion. United Bank for Africa (UBA) followed with account of 23.030 million shares valued at N458.087 million, while Zenith Bank traded 19.242 million shares valued at N651.440 million.

Oando traded 19.035 million shares worth N445.427 million, while Access Holdings traded 15.758 million shares worth N289.552 million.