Stock Market Down N482bn on Profit-taking in Aradel Holdings, 25 Others
Kayode Tokede
The Nigerian stock market yesterday closed trading on negative note as investors’ profit-taking in Aradel Holdings Plc and 25 others dragged the overall market capitalization lower by N482 billion.
As Aradel Holdings dropped by 10 per cent, the Nigerian Exchange Limited All-Share Index (NGX ASI) shed 343.31 basis points or 0.35 per cent to close at 97,296.57 basis points. As a result, the stock market in its Month-to-Date and Year-to-Date returns stood at -0.4per cent and +30.1per cent, respectively.
Also, market capitalisation dipped by N482 billion to close at N58.696 trillion.
Sectoral performance was mixed, as the NGX Consumer Goods Index declined by 0.3 per cent, while the NGX Insurance Index appreciated by 1.2per cent, NGX Oil & Gas Index gained one per cent and NGX Banking Index advanced by 0.1 per cent. The NGX Industrial Goods index closed flat.
Also, market breadth closed negative, as 23 stocks gained relative to 26 losers. SUNU Assurance emerged the highest price gainer of 9.97 per cent to close at N4.19, while Guinea Insurance followed with a gain of 8.16 per cent to close at 53 kobo, per share.
Conoil and Daar Communications rose by 6.56 per cent each to close at N276.00 and 65 kobo respectively, while NASCON Allied Industries appreciated by 6.23 per cent to close at N32.40, per share.
On the other side, John Holt led others on the losers’ chart with 10 per cent to close at N9.90, per share. Aradel Holdings followed with a decline of 9.98 per cent to close at N473.30, while Eterna declined by 9.88 per cent to close at N22.35, per share.
Haldane McCall lost 8.43 per cent to close at N5.65, while UPDC depreciated by 8.13 per cent to close at N1.47, per share.
The total volume traded increased by 48.97 per cent to 882.462 million units, valued at N10.286 billion, and exchanged in 9,385 deals. Transactions in the shares of Haldane McCall led the activity with 373.722 million shares worth N2.159 billion. Japaul Gold & Ventures followed with account of 115.927 million shares valued at N285.525 million, while Tantalizers traded 30.734 million shares valued at N34.872 million.
United Bank for Africa (UBA) traded 29.439 million shares worth N930.044 million, while Guaranty Trust Holding Company (GTCO) traded 28.748 million shares worth N1.516 billion.
