Stock Market Down 0.21% on Profit-taking in GTCO, 29 Others

Kayode Tokede 

The stock market section of the Nigerian Exchange Limited (NGX) yesterday commenced this week’s trading on a negative note as investors profit-taking activities in Guaranty Trust Holding Company Plc (-3.4 per cent) and 29 others down the market indicator by 0.21 per cent.

The Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 202.75 basis points or  0.21 per cent, to close at 97,626.27 basis points with the  stock market Year-to-Date returns settled at +30.60 per cent.

Similarly, the overall market capitalisation value lost N123 billion to close at N59.169 trillion.

On sectors, the NGX Banking Index (-1.6per cent), NGX Oil & Gas Index (-0.2per cent), and NGX Insurance Index (-0.2per cent) settled lower, while the NGX Insurance Index (+0.7per cent) was the sole gainer of the day. The NGXConsumer Goods index remained unchanged.

Also, market breadth closed slightly negative, as 29 stocks gained relative to 30 decliners. Haldane McCall recorded the highest price gain of 10 per cent to close at N5.61, per share. SUNU Assurance followed with a gain of 9.81 per cent to close at N3.47, while NCR Nigeria up by 9.72 per cent to close at N4.74, per share.

Sovereign Trust Insurance appreciated by 9.52 per cent to close at 69 kobo, while Tantalizers rose by 9.32 per cent to close at N1.29, per share. On the other hand, Secure Electronic Technology led the losers’ chart by 9.84 per cent to close at 55 kobo, per share. DAAR Communications followed with a decline of 9.68 per cent to close at 56 kobo, while Austin Laz & Company lost 9.40 per cent to close at N2.41, per share.

Guinea Insurance lost 9.09 per cent to close at 50 kobo, while Lasaco Assurance depreciated by 8.63 per cent to close at N2.33, per share.

Meanwhile, the total volume traded increased by 83.09 per cent to 671.260 million units, valued at N10.640 billion, and exchanged in 10,464 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 245.252 million shares valued at N6.227 billion. Haldane McCall followed with 47.143 million shares worth N264.469 million, while Tantalizers traded 35.345 million shares valued at N45.595 million.

Guinea Insurance traded 32.863 million shares valued at N17.845 million, while Prestige Assurance transacted 32.753 million shares worth N25.816 million.

Looking forward, United Capital Plc said “the equities market is expected to retain its buy interest as investors cherry-pick undervalued stocks. However, given the high interest rates in the fixed income and money markets, we expect some bearish undertone to persist in the equities market as fixed income biased investors take advantage of the high yields in the fixed income space.

“Nevertheless, the Bulls will remain incentivized to persist in bargain hunting, given the tremendous mid-long-term opportunities in the equities market.”