Equities market drops by 0.09% over investors sustained profit-taking

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By Kayode Tokede

The bears continue to dominate in the domestic equities market, as the Nigerian Stock Exchange (NSE) All-Share Index shed 0.09 per cent yesterday, following sell-offs of high capitalised stocks.

The All-Share Index decreased by 24.48 basis points, representing a dip of 0.09 per cent to close at 27,523.08 basis points. Similarly, the market capitalisation lost N9 billion to close at N14.338 trillion.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Forte Oil, Custodian Investment, Guaranty Trust Bank, NCR Nigeria and Dangote Sugar Refinery.

Losses were recorded across all sector indices save for the Industrial Goods (+0.5per cent) index, as the Insurance (-2.3per cent), Oil and Gas (-1.1per cent), Banking (-0.6per cent) and Consumer Goods (-0.2per cent) indices declined.

Analysts at Afrinvest Limited stated that “Despite opportunities for bargain hunting, we maintain our bearish outlook on the equities market in the near term.”

Market sentiment, as measured by market breadth, was negative, as 17 tickers declined, relative to 13 gainers. United Capital recorded the highest price gain of 9.90 per cent, to close at N3.22, per share. Africa Prudential followed with a gain 9.87 per cent to close at N5.12, while Aiico Insurance appreciated  by 9.76 per cent to close at 90 kobo, per share.

C&I Leasing went up by 9.48 per cent to close at N6.35, while Unity Bank  appreciated by 9.26 per cent, to close at 59 kobo,  per share. On the other hand, AXA Mansard Insurance led the losers’ chart by 10 per cent, to close at N1.80, per share. Forte Oil followed with a decline of 9.97 per cent to close at N16.70, while Custodian Investment depreciated by 9.92 per cent to close at N5.45, per share.

NCR Nigeria lost 9.40 per cent to close at N2.70, while Law Union and Rock Insurance shed 9.09 per cent to close at 90 kobo, per share.

However, the total volume traded rose by 72.6 per cent to 290.15 million shares, worth N5.02 billion, and traded in 3,528 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 79.35 million shares valued at N2.26 billion. Zenith Bank followed with 40 million shares worth N780.85 million, while FBN Holdings (FBNH) traded 34.62 million shares valued at N199.53 million.

Japaul Oil and Maritime Services traded 16.31 million shares valued at N3.26 million, while United Bank for Africa (UBA) transacted 15.74 million shares worth N120.45 million.

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