Equities declines by N26bn on profit taking
By Philemon Adedeji
The Nigerian equities market declined yesterday after trading by N26 billion caused by Investors interest in DANGOTE CEMENT (+0.05 per cent), NESTLE Nigeria (+0.01 per cent) and FBNH (+0.84 per cent) was offset by profit taking in GTCO (-1.77 per cent), Nigerian Breweries (NB) (-0.65 per cent) and United Bank for Africa (UBA) (-0.33 per cent) putting the market in the red.
Absolutely, the year-to-date (YTD) return fell to 33.24 per cent, as market capitalization shed N26.49 billion to close at N37.37 trillion.
The NGX All Share Index (ASI) lost 48.4 basis points to represent 0.07 per cent to close at 68,334.68 basis points from 68,334.68 it closed trade on Tuesday.
The market downturn performance was impacted by price depreciation in medium and large capitalised stocks which include, Guaranty Trust Holding Company (GTCO), Nigerian Breweries (NB), United Bank for Africa (UBA), Vitafoam, Veritaskap Insurance among others.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46.30 per cent.
The trade volume increased to 378.65 million shares valued at N5.482 billion were exchanged in 7,671 deals.
OANDO Oil (+9.70 per cent) led the volume chart with 83.53m units traded while DANGOTE CEMENT (+0.05 per cent) led the value chart in deals worth N708.71 million.
As measured by market breadth, market sentiment closed negative as 32 stocks gained relative to 21 stocks that lost. On the performance board, Guinea Insurance led with 10.00 per cent to close at N0.33 per share, followed by Betaglas which rose by 9.91 per cent to close at N47.15 per share, while Caverton Offshore appreciated by 9.84 per cent to close at N1.34 per share.
Oando Oil plc which recorded as the last fourth gainer went up by 9.70 per cent to close at N7.35 per share, while Computer Warehouse Group grew by 9.11 per cent to close at N4.79 per share.
On the decliners log, Vitafoam led with 10.00 per cent to close at N22.50 per share, Veristaskap Insurance which followed dipped by 7.69 per cent to close at N0.24 per share, while Linkages Assurance suffered 5.56 per cent to close at N0.85 per share.
Dangote Sugar which came as the last fourth loser depreciated by 4.79 per cent to close at N66.65 per share, while Champion Breweries which recorded as the last fifth loser went down by 4.35 per cent to close at N3.30 per share.
