Equities market drops by 0.03% over profit-taking in 24 stocks
By Kayode Tokede
Transactions on the Nigerian stock market yesterday closed on a negative note to extend previous day sentiment trading by investors.’
Specifically, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) dropped by 11.12 basis points, representing a decline of 0.03 per cent, to close at 38,791.03 basis points from 38,802.15 basis points.
Consequently, the overall market capitalisation value dipped by N5 billion to close at N20.211 trillion from N20.22trillion it closed for trading the previous day.
Sectoral performance was mixed, as the Oil and Gas (+1.7 per cent) and Consumer Goods (+0.1per cent) indices recorded gains, while the Banking (-0.9per cent) and Insurance Goods (-0.9per cent) indices declined. Elsewhere, the Industrial Goods index closed flat.
Analysts at Afrinvest Limited said “In the next trading session, we expect sell pressure to persist as investors adjust their holdings in light of the Central Bank of Nigeria (CBN) halt of FX supply to bureau de change (BDC) operators.”
Meanwhile, the market negative performance was driven by price depreciation in large and medium capitalised stocks amongst which are; Eterna, Zenith Bank, Vitafoam Nigeria, Pharma-Deko Plc and United Bank for Africa (UBA).
Meanwhile, investor sentiment as measured by market breadth was negative, as 2 stocks declined, while 18 gained.
Capital Hotel recorded the highest price gain of 9.85 per cent to close at N2.90, per share. Oando followed with a gain 9.81 per cent to close at N5.26, while BOC Gases Nigeria went up by 8.88 per cent to close at N9.20, per share.
FTN Cocoa Processors rose by 8.16 per cent each to close at 53 kobo, while Livestock Feeds gained 4.80 per cent to close at N2.40, per share. On the other hand, Consolidated Hallmark Insurance and Tripple GEE and Company led the losers’ chart by 10 per cent each to close at 54 kobo and 90 kobo, while Pharma-Deko followed with a decline of 9.92 per cent to close at N1.09, per share.
Regency Alliance Insurance lost 6.82 per cent to close at 41 kobo, while Eterna shed 6.58 per cent to close at N7.10, per share.
The total volume of trades fell by 2.3 per cent to 237.510 million units, valued at N1.883 billion, and exchanged in 4,305 deals.
Transactions in the shares of Oando topped the activity chart with 44.290 million shares valued at N232.963 million. UBA followed with 19.647 million shares worth N150.748 million, while Wema Bank traded 14.242 million shares valued at N11.875 million.
Access Bank traded 13.291 million shares valued at N123.733 million, while Jaiz Bank transacted 12.296 million shares worth N7.584 million.
