Equities market drops by N89bn over profit-taking in Dangote Cement, MTN Nigeria

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The Nigerian Stock Exchange equities market segment on Thursday reverted the gains in previous trading session, following the All-Share Index (ASI) declined by 0.66 per cent on  losses in Dangote Cement, MTN Nigeria, 12 other stocks.

The All Share Index fell by 181.45 basis points or 0.66 percent to 27,425.57 basis points. Accordingly, investors lost N89 billion in value as market capitalisation declined to  N13.34 trillion from N13.43 trillion the equities market opened for trading.

Analysts at Afrinvest Limited stated “In line with our expectations, the equities market posted a bearish performance today and we expect this to continue in the absence of a major economic stimulus.”

However market breadth closed positive, with 18 gainers versus 14 losers.  Continental Reinsurance recorded the highest price gain of 9.79 per cent, to close at N1.57, per share. Africa Prudential followed with a gain of 8.57 per cent to close at N3.80, while Forte Oil appreciated by 6.82 per cent to close at N16.45, per share.

Neimeth International Pharmaceuticals went up by 6.38 per cent to close at 50 kobo, while Livestock Feeds and Mutual Benefits Assurance appreciated by five per cent each  to close at 42 kobo and 21 kobo, respectively, per share.

On the other hand, UACN led the losers’ chart by nine per cent, to close at N4.55, per share. Flour Mills  followed with a decline of 5.59 per cent to close at N13.50, while UACN Property Development Company declined by 5.38 per cent to close at 88 kobo, per share.

Courteville Business Solutions depreciated by 4.76 per cent to close at 20 kobo and Cornerstone Insurance declined by 4.55 per cent to close at 21 kobo, per share.

Total volume traded depreciated by 11 per cent to 116.07 million shares, worth N1.65 billion, and traded in 3,129 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 19.09 million shares valued at N353.45 million. Lafarge Africa  followed with 17.66 million shares worth N250.71 million, while Access Bank traded 15.01 million shares valued at N96.9 million.

Neimeth International Pharmaceuticals  traded 6.98 million shares valued at N3.26 million, while Guaranty Trust Bank  sold 5.77 million shares worth N155.83 million.