Renewed profit taking drags stock market indices by N4 billion

Following renewed profit taking activity, transactions on the equity sector of the Nigerian Stock Exchange (NSE) closed on a downturn yesterday, causing market capitalisation to plunge by N4 billion.

Precisely, at the close of trading yesterday, the All-Share Index (ASI) decreased by 7.63 absolute points, representing a dip of 0.03 per cent to close at 25,597.96 points. Similarly, market capitalisation fell to N13.354 trillion as investors lost N4 billion.

The downturn was impacted by losses recorded in large and medium capitalised stocks, among which are: SEPLAT Petroleum Development Company (SEPLAT), Red Star Express, Dangote Sugar Refinery, Oando and NPF Microfinance Bank.

Analysts at Afrinvest Limited said: “As investors trade the equities market cautiously, we expect to see a slightly bearish performance during the week as a result of sustained profit-taking.”

Market sentiment, as measured by the market breadth, was negative, as 13 stocks gained relative to 15 losers. Ikeja Hotel recorded the highest price gain of 9.52 per cent, to close at 92 kobo, per share.

UACN Property Development Company followed with a gain of 9.20 per cent to close at 95 kobo, while Cornerstone Insurance rose by 6.45 per cent to close at 66 kobo per share.

Japaul Oil and Maritime Services went up by five per cent to close at 21 kobo, while Lafarge Africa appreciated by 3.45 per cent to close at N13.50, per share. On the other hand, NPF Microfinance Bank led the losers’ chart by 9.42 per cent each, to close at N1.25, per share.

Union Diagnostic & Clinical Services followed with a decline of 7.41 per cent to close at 25 kobo, while Red Star Express declined by 6.13 per cent to close at N3.52 per share.

Nigerian Aviation Handling Company (NAHCO) lost 6.10 per cent to close at N2.00, while Oando shed 5.46 per cent to close at N2.25, per share.

The total volume traded declined by 4.63 per cent to 245.139 million shares, worth N3.013 billion, and traded in 3,597 deals.

Transactions in the shares of FBN Holdings topped the activity chart with 51.44 million shares valued at N257.447 million.

Guaranty Trust Bank followed with 46.291 million shares worth N1.16 billion, while Zenith Bank traded 18.778 million shares valued at N322.418 million.

Stanbic IBTC Holdings traded 15.949 million shares valued at N629.966 million, while Access Bank transacted 14.227 million shares worth N95.782 million.