Stock Market Down By N39bn On Profit-Taking

The Nigerian equity market on Monday began the week on a negative note as investors continued to take profits to increase capital gains.

The key market performance indicator, the Nigerian Stock Exchange All-Share Index, declined by 0.21 per cent as bargain hunters widened sell-offs to take profits from gains recorded last week.

The market breadth closed negative with 17 losers against 15 gainers. Consequently, the All-Share Index dipped 73.63 basis points or 0.21 per cent to close at 35,326.36 index points as against 35,137.99 recorded in the previous trading session.

The market capitalisation of equities depreciated by N39bn from N18.37tn last Friday to N18.33tn as market sentiment remained in the negative territory.

Meanwhile, a turnover of 324.32 million shares exchanged in 4,108 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume), with 184.91 million shares exchanged by investors in 1,336 deals.

The volume in the subsector was largely driven by activities in the shares of UBA Plc and FBNH Bank Plc.

Also, the banking sub-sector was boosted by the activities in the shares of Guaranty Trust Bank Plc and Ecobank Plc, with a turnover of 38.21 million shares in 880 deals.

Further analyses of the day’s trading showed that in percentage terms, Livestock Feeds Plc topped the day’s gainers’ table with 9.92 per cent to close at N1.33 per share while NNFM Plc followed with 9.90 per cent to close at N6.88 per share.

FTN Cocoa Plc added 6.90 per cent to close at 31 kobo per share.

On the flip side, TRANSCOHOT Plc led the losers’ with a drop of 10 per cent to close at N3.60 per share while ETI Plc shed 8.47 per cent to close at N5.40 per share.

NPFMFB Plc shed 5.06 per cent to close at N1.50 per share.


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