Stock Market Depreciates by N288.8bn to Sustain Investors’ Profit-taking

The stock  market yesterday sustained its losses for the third consecutive session as investors’ profit-taking in MRS Oil Nigeria Plc and 36 others pulled the overall market capitalisation lower by N288.8 billion.

As a result, the Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 460.56 basis points or 0.44 per cent to close at 104,915.13 basis points. Also, market capitalisation shed N288.8 billion to close at N65.790 trillion.

Also, the market breadth closed negative, as 13 stocks gained relative to 37 losers. Julius Berger emerged the highest price gainer of 8.47 per cent to close at N137.00, per share. Omatek Ventures followed with a gain of 6.15 per cent to close at 69 kobo, while UPDC rose by 2.69 per cent to close at N3.05, per share.

Wema Bank increased by 2.43 per cent to close at N10.55, while Unilever Nigeria added 2.12 per cent to close at N38.50, per share. On the other side, Livestock Feeds led the losers’ chart with 10 per cent to close at N8.46, per share. eTranzact International followed with a decline of 9.40 per cent to close at N5.30, while Wapic Insurance shed 9.27 per cent to close at N2.35, per share.

MRS Oil depreciated by 8.99 per cent to close at N162.00, while May & Baker Nigeria down by 8.05 per cent to close at N8.00, per share.

Meanwhile, the total volume traded rose by 290.46 per cent to 1.367 billion units, valued at N12.375 billion, and exchanged in 12,012 deals. Transactions in the shares of Sovereign Trust Insurance led the activity with 1.010 billion shares worth N989.016 million. Fidelity Bank followed with an account of 42.796 million shares valued at N723.151 million, while Access Holdings traded 30.614 million shares valued at N698.020 million.

Jaiz Bank traded 23.951 million shares worth N85.037 million, while Zenith Bank traded 21.631 million shares worth N1.024 billion.

On market outlook, analysts at Afrinvest Limited said, “we anticipate the bourse to extend the bearish close, owing to lack of positive triggers.”