Equities market drops by N2bn over profit-taking in GTCO, ETI, 14 other stocks

By Kayode Tokede

Transactions on the stock market of Nigerian Exchange Limited (NGX) yesterday closed on a negative note, to overturn the previous day’s bullish sentiment, as market capitalisation dropped by N2billion, resulting in a mixed movement of four alternating days of gains and losses.

The downturn was a result of investors’ sell interest in the insurance sector, amid an increase in other major sectors.

In summary, the NGX All-Share Index (ASI) declined by 4.69 basis points, representing a drop of 0.01 per cent, to close at 39,545.67 basis points from 39,550.36 basis points.

Similarly, the overall market capitalisation value shed N2 billion to close at N20.604 trillion from N20.606 trillion it opened for trading.

Consequently, Month-to-Date and Year-to-Date return printed +2.6per cent and -1.8per cent, respectively.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Guaranty Trust Bank Holding Company (GTCO), SCOA Nigeria, Caverton Offshore Support Group, Access Bank and Ecobank Transnational Incorporated (ETI).

However, investor sentiment as measured by market breadth closed positive, as 19 stocks advanced while 17 declined. Pharma Deko recorded the highest price gain of 10 per cent to close at N1.43, per share. BOC Gases followed with a gain 9.78 per cent to close at N10.10, while Honeywell Flour Mills went up by 9.72 per cent to close at N2.71, per share.

Courteville Business Solutions, rose by eight per cent to close at 27 kobo, while Associated Bus Company gained 6.06 per cent to close at 35 kobo, per share.

On the other hand, SCOA Nigeria led the losers’ chart by 9.66 per cent to close at N1.59, per share. Prestige Assurance followed with a decline of 8.33 per cent to close at 44 kobo, while Regency Alliance Insurance lost 6.98 per cent to close at 40 kobo, per share.

Mutual Benefits Assurance lost 5.71 per cent to close at 33 kobo, while Caverton Offshore Support Group shed 5.49 per cent to close at N1.72, per share.

The total volume of trades increased by 19.2 per cent to 132.077 million units, valued at N2.674 billion, and exchanged in 3,307 deals.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 14.145 million shares valued at N13.529 million. Chams followed with 14.068 million shares worth N2.914 million, while Zenith Bank traded 8.515 million shares valued at N206.229 million.

GTCO traded 6.222 million shares valued at N174.960 million, while Oando transacted 5.383 million shares worth N26.778 million.