Stock Market Sustains Profit-taking, Drops by N372bn
Kayode Tokede
The Nigerian stock market yesterday sustained its negative sentiment for the second consecutive day, dropping by N372 billion on investors’ profit-taking in BUA Cement Plc and 24 others.
The Nigerian Exchange Limited All-Share Index (NGX ASI) dropped by 653.89 basis points or 0.67 per cent to close at 96,928.52 basis points. Also, market capitalisation declined by N372 billion to close at N55.033 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; BUA Cement, Eterna, Fidson Healthcare, Guaranty Trust Holding Company (GTCO) and Nigerian Aviation Handling Company (NAHCO).
As measured by market breadth, market sentiment was positive, as 30 stocks gained relative to 25 losers. Academy Press and NASCON Allied Industries emerged the highest price gainer of 10 per cent each to close at N2.20 and N32.45 respectively, while Oando followed with a gain of 9.89 per cent to close at N30.55, per share.
Skyway Aviation Handling Company increased by 9.80 per cent to close at N22.40, while R.T. Briscoe Nigeria added 9.78 per cent to close at N1.01, per share.
On the other side, BUA Cement led the losers’ chart with 9.99 per cent to close at N128.90, per share. Thomas Wyatt Nigeria followed with a decline of 8.52 per cent to close at N1.61, while Champion Breweries shed 7.97 per cent to close at N2.77, per share.
Eterna depreciated by 7.37 per cent to close at N17.60, while Fidson Healthcare down by 6.78 per cent to close at N13.75, per share.
The total volume traded rose by 38.64 per cent to 449.210 million units, valued at N6.735 billion, and exchanged in 9,381 deals. Transactions in the shares of United Bank for Africa (UBA) led the activity with 62.827 million shares worth N1.308 billion. Oando followed with an account of 36.158 million shares valued at N1.101 billion, while Veritas Kapital Assurance traded 33.507 million shares valued at N28.818 million.
Sterling Financial Holdings Company traded 33.244 million shares worth N127.805 million, while Access Holdings traded 30.963 million shares worth N575.290 million.
