Investors in equities market lose N20bn over profit-taking

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Story by Olabode Jegede

Investors in equities market of the Nigeria Stock Exchange (NSE) on Tuesday lost N20 billion, over profit-taking recorded in medium and large capitalised stocks.

The market capitalisation dipped N20.56 billion, representing a decline of 0.16 per cent to close at N13.158 trillion as against N13.178 trillion it opened for trading.

The All Share Index (ASI) dropped 42.26 basis points or 0.16 per cent to close at 27,047.58 basis points from 27,089.84 basis points it opened for trading.

However, market breadth closed positively, recording 18 gainers as against 12 losers while the Year-to-Date (YTD) loss worsened to 13.95 per cent.

The Consumer Goods index declined the most as continuous sell-offs in Nestle Nigeria (4.9 per cent) dragged the index by 2.2 per cent.

Similarly, the Industrial Goods and Insurance indices lost 1.6 per cent and 0.5 per cent respectively on the back of losses in Cement Company of Northern Nigeria (6.6 per cent), Dangote Cement (0.5 per cent) and Continental Reinsurance (7.4 per cent).

Also, price depreciation in Forte Oil (3.5 per cent) dragged the Oil & Gas index by 0.2 per cent.

On the other hand, the Banking index rose one per cent following buying interest in FBN Holdings (10 per cent) and Guaranty Trust Bank (7.7 per cent) while gains in MTN Nigeria (0.3 per cent) buoyed the AFR-ICT index 0.2 per cent higher. UACN Property Development Company recorded the highest price gain of 9.26 per cent, to close at N1.18 per share. FBN Holdings followed with a gain 7.53 per cent to close at N5, while Dangote Flour Mills appreciated by 5.95 per cent to close at N22.25 per share.

Wapic Insurance appreciated by 5.41 per cent to close at 39k, while Courteville Business Solution appreciated by 4.76 per cent to close at 22k per share

Conversely, Thomas Wyatt Nigeria led the losers’ chart by 9.52 per cent, to close at 38 kobo per share. Continental Reinsurance followed with a decline of 7.36 per cent to close at N1.51, while Cement

Company of Northern Nigeria lost 6.61 to close at N16.25 per share. University Press dipped 6.25 per cent to close at N1.05, while UAC of Nigeria shed 6.06 per cent to close at N6.20 per share.

However, activity level strengthened as volume and value traded advanced 25.4 per cent and 13.2 per cent to 364.2 million shares and N4.9 billion respectively.

The top traded stocks by volume were Guaranty Trust Bank with 78.64 million shares, Courteville Business Solution with an exchange of 49.02 million shares and Access Bank traded 43.88 million shares while top traded stocks by value were Guaranty Trust Bank (N2.1 billion), Zenith Bank (N732.9 million) and Dangote Cement (N683.7 million). Analyst at Afrinvest Limited said that, “The session saw higher sell pressures in major bellwethers extend the bearish run of the ASI. Consequently, we maintain a negative outlook for the market.”

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