Investors in equities market shed N17.26bn

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By Olabode Jegede

Investors in the equities market of the Nigerian Stock Exchange (NSE) shed N17.26 billion in one trading day profit-taking in medium and large capitalized stocks.

Similarly, the market capitalisation of listed equities lost N17.26 billion or 0.13 per cent to close at N13.458 trillion against N13.475 per cent on Wednesday.

The All-Share Index (ASI), which measures the performance of listed equities, dropped by 35.46 basis points, representing a dip of 0.13 per cent to close trading at 27,646.15 basis points from 27,681.61 basis points at which it opened for trading.

The market breadth was positive, with 23 gainers compared with 16 losers as the Year-Till-Date (YTD) loss worsened from 11.9 per cent to 12.04 per cent.

However, FBN Holdings emerged the most traded stock with an exchange of 71.52 million shares valued at N390.06 million. Sterling Bank came second with 61.56 million shares worth N135.43 million, while United Bank for Africa accounted for 12.91 million shares valued at N80.98 million.

Guaranty Trust Bank sold 9.2 million shares worth N268.88 million, while Lafarge Africa transacted 9.14 million shares valued at N140.35 million.

Overall, investors bought and sold 245.44 million shares, worth N1.67 billion traded in 3,450 deals, representing a decrease of 35.33 per cent.

This was in contrast with a turnover of 379.51 million shares valued at N5.35 billion exchanged in 3,923 deals on Wednesday.

An analysis of the price movement table shows that Consolidated Hallmark Insurance topped the gainers’ chart, growing by 10 per cent to close at 33 kobo per share. UAC of Nigeria followed with a gain of 9.93 per cent to close at N7.75, while Linkage Assurance rose by 9.80 per cent to close at 56 kobo per share.

The Continental Reinsurance leapt high by 9.79 per cent to close at N1.54, while PZ Cussons appreciated by 9.30 per cent to close at N7.05 per share.

Conversely, University Press led the losers’ chart, dropping by 8.70 per cent to close at N1.05 per share. Neimeth International Pharmaceuticals followed with a decline of 8.33 per cent to close at 44 kobo, as Cutix depreciated by 7.79 per cent to close at N1.42 per share.

Associated Bus Company and Chams declined by 7.69 per cent each to close at 36 kobo and 24 kobo per share, respectively.

Analysts at Afrinvest Limited said, “Going forward, we maintain our bearish stance for the equities market in the absence of any major catalyst.”

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