Stock Market Close Lower on Profit-taking in Nestle Nigeria, 23 Others
Kayde Tokede
The stock market yesterday commenced the trading week on a negative note as investors profit-taking in Nestle Nigeria Plc and 23 others dragged the Nigerian Exchange Limited All-Share Index (NGX ASI) lower by 0.03 per cent.
Specifically, as NGX ASI lost 33.72 points or 0.03 per cent to close at 104,529.62 basis points. Also, market capitalisation shed N22 billion to close at N65.685 trillion.
However, investor sentiment, as measured by market breadth closed positive as 28 stocks advanced, while 24 declined. Abbey Mortgage Bank emerged the highest price gainer of 9.95 per cent to close at N6.74, per share. UPDC followed with a gain of 9.82 per cent to close at N3.13, while Guinea Insurance rose by 9.52 per cent to close at 69 kobo, per share.
VFD Group declined by 9.46 per cent to close at N96.00, while Soverign Trust Insurance advanced by 9.41 per cent to close at 93 kobo, per share.
On the other side, International Energy Insurance led others on the losers’ chart with 9.76 per cent to close at N1.48, per share. Consolidated Hallmark Holdings followed with a decline of 8.33 per cent to close at N2.75, while Japaul Gold & Ventures shed 7.46 per cent to close at N1.86, per share.
Chams Holding Company lost 6.98 per cent to close at N2.00, while NEIMETH International Pharmaceuticals depreciated by 6.94 per cent to close at N2.68, per share.
Also, the total volume traded rose by 12.69 per cent to 428.163 million units, valued at N10.518 billion, and exchanged in 14,583 deals. Transactions in the shares of Access Holdings led the activity with 55.988 million shares worth N1.145 million. Zenith Bank followed with account of 55.428 million shares valued at N2.760 billion, while Fidelity Bank traded 39.000 million shares valued at N725.873 million.
UBA traded 33.192 million shares worth N1.041 billion, while Guaranty Trust Holding Company (GTCO) traded 31.024 million shares worth N2.116 billion.
Looking forward, analysts at United Capital Plc said, “the equities market might remain dovish due to elevated interest rate environment in the fixed-income market, we still expect bearish sentiments to linger in the background.
“The upcoming Monetary Policy Committee (MPC) decision in May has led some investors to adopt a wait-and-see attitude towards the equities market. Concurrently, retail investors are engaging in profit-booking, resulting in selloffs that impede the consistent upward movement of stock prices.”
