Investors’ Profit-taking Persists as Stock Market Drops by N188bn

Kayode Tokede

The Nigerian stock market yesterday sustained its investors’ profit-taking momentum as  sell-off  activities in Oando Plc and 29 others undermined the overall market’s performance.

Specifically, the Nigerian Exchange Limited All-Share Index (NGX) declined by 327.28 points or 0.34 per cent to close at 96,210.20 basis points or 96,537.48 basis points.

As a result, the NGX ASI Month-to-Date and Year-to-Date returns settled at -0.4per cent and +28.7per cent, respectively.

Also, market capitalisation dropped by N188 billion to close at N55.266 trillion from N55.454 trillion the stock market opened for trading.

Sectoral performance was mixed, as the NGX Banking Index (-0.8per cent) and NGX Consumer Goods Index (-0.4per cent) posted losses, while the NGX Insurance Index (+0.1per cent) and NGX Oil & Gas (+0.1per cent). The NGX Industrial Goods index closed flat.

Investor sentiment, as measured by market breadth closed negative, as 20 stocks advanced, while 30 declined. Berger Paints Nigeria, Meyer and McNichols emerged the highest price gainer of 10 per cent each to close at N17.05, N5.83 and N1.43 respectively, per share.

Tantalizer followed with a gain of 7.81 per cent to close at 69 kobo, while DAAR Communications advanced by 7.58 per cent to close at 71 kobo, per share.

On the other side, R.T. Briscoe Nigeria led others on the losers’ chart with 10 per cent to close at N2.34, per share. FTN Cocoa Processors followed with a decline of 9.80 per cent to close at N1.38, while Oando shed 9.65 per cent to close at N74.00, per share.

Deap Capital Management & Trust lost 9.57 per cent to close at N1.04, while Guinea Insurance depreciated by 9.09 per cent to close at 50 kobo, per share.

Also, the total volume traded dipped slightly by 0.2 per cent to 388.617 million units, valued at N9.565 billion, and exchanged in 9,897 deals. Transactions in the shares of Zenith Bank led the activity with 45.955 million shares worth N1.7 billion.

Oando followed with account of 41.053 million shares valued at N3.045 billion, while United Bank for Africa (UBA) traded 18.534 million shares valued at N432.031 million.

FTN Cocoa Processors traded 16.062 million shares worth N22.777 million, while Chams Holding Company traded 13.580 million shares worth N27.781 million.