Profit-taking in Dangote cement, Zenith bank, 16 others down stock market by N127bn
By Kayode Tokede
The Nigerian stock market closed transactions for the first day in the new week yesterday on a negative note, as market capitalisation dropped by N127billion.
In summary, the All-Share Index (ASI) declined by 0.63 per cent or 243.49 basis points, representing a decrease of 0.63 per cent, to close at 38,567.26 basis points. Similarly, the overall market capitalisation value also lost N127billion to close at N20.094trillion.
Market analysts noted that “Yesterdays bearish out turn was due to investors’ sell-off sentiment in some medium and large-scale stocks, as market watchers also await the release of the half-year earnings reports of the big five-Banks.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Dangote Cement, Flour Mills of Nigeria, University Press, Unilever Nigeria and Zenith Bank.
Analysts at United Capital Plc said that “This week, we expect the market to dance to the tune of incoming earnings releases. However, we anticipate a tight trading week barring major surprises in earnings scorecard of large-cap counters.”
However, the market breadth closed positively, recording 19 gainers as against 18 losers. Conoil recorded the highest price gain of 9.83 per cent to close at N22.35, per share. Northern Nigeria Flour Mills (NNFM) followed with a gain 9.76 per cent to close at N6.75, while Skyway Aviation Handling Company went up by 9.18 per cent to close at N3.45, per share.
Academy Press rose by 7.89 per cent to close at 41 kobo, while Sunu Assurance gained 4.44 per cent to close at 47 kobo, per share. On the other hand, University Press led the losers’ chart by 9.79 per cent to close at N1.29, per share. Linkage Assurance followed with a decline of 7.81 per cent to close at 59 kobo, while NPF Microfinance Bank lost 4.26 per cent to close at N1.80, per share.
Veritas Kapital Assurance lost 4.17 per cent to close at 23 kobo, while Courteville Business Solutions shed four per cent to close at 24 kobo, per share.
The total volume of trades increased by 16.20 per cent to 194.950 million units, valued at N1.014 billion, and exchanged in 3,830 deals. Transactions in the shares of Wema Bank topped the activity chart with 25.770 million shares valued at N22.329 million. Ellah Lakes followed with 25.025 million shares worth N106.356 million, while Fidelity Bank traded 16.14 million shares valued at N38.649 million.
Consolidated Hallmark Insurance traded 12.464 million shares valued at N6.808 million, while FCMB Group transacted 9.468 million shares worth N29.304 million.
