Investors lose N274.23bn over profit-taking
By Kayode Tokede
Transactions on Nigerian Exchange Limited (NGX) on Wednesday closed in the negative region to extend the previous day’s negative sentiment, as investors’ investment declined by N274 billion.
In summary, the All-Share Index (ASI) dropped by 524.00 basis points, representing a decline of 1.33 per cent to close at 38,781.48 basis points, while the overall market capitalisation value lost N274 billion to close at N20.296 trillion.
Analysing by sectors, the Insurance (-1.6per cent), Banking (-0.2 per cent) and Consumer Goods (-0.1 per cent) indices declined, the Oil & Gas (+2.0 per cent) index was the lone gainer, while the Industrial Goods index closed flat.
The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Guinness Nigeria, International Breweries, Ardova Plc, PZ Cussons Nigeria and UAC of Nigeria (UACN).
Analysts at Afrinvest Limited said “In the next trading session, we expect the market to halt successive downtrends.”
The market sentiment, as measured by market breadth, was negative, as 23 stocks declined, relative to 20 gainers. Consolidated Hallmark Insurance recorded the highest price gain of 10 per cent to close at 33 kobo, per share. Portland Paints & Products Nigeria followed with a gain 8.33 per cent to close at N2.60, while Royal Exchange went up by 7.14 per cent to close at 45 kobo, per share.
Associated Bus Company rose by 6.90 per cent to close at 31 kobo, while Japaul Gold and Venture gained 5.17 per cent to close at 61 kobo, per share. On the other hand, FTN Cocoa Processors led the losers’ chart by 10 per cent to close at 36 kobo, per share. Neimeth International Pharmaceuticals followed with a decline of 8.95 per cent to close at N1.73, while International Breweries lost 8.77 per cent to close at N5.20, per share.
PZ Cussons Nigeria lost 7.41 per cent to close at N5.00, while Cornerstone Insurance shed 7.02 per cent to close at 53 kobo, per share.
Meanwhile, the total volume of trades increased by 2.8 per cent to 259.51 million units, valued at N1.91 billion, and exchanged in 3,547 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 69.478 million shares valued at N514.304 million. Transnational Corporation of Nigeria (Transcorp) followed with 36.724 million shares worth N32.972 million, while Zenith Bank traded 16.580 million shares valued at N366.425 million.
Sovereign Trust Insurance traded 12.58 million shares valued at N2.879 million, while United Capital transacted 8.886 million shares worth N50.222 million.
