Profit-taking Persist on NGX as Market Cap Drops by N112bn

Profit-taking Persist on NGX as Market Cap Drops by N112bn

NGX Insurance Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday extended its investors’ profit-taking position on the heels of sell pressure on MTN Nigeria, Guaranty Trust Holdings Company Plc, Zenith Bank Plc and 31 other stocks.

The likes of MTN Nigeria dropped by 1.1 per cent to close at N169.20, while GTCO and Zenith Bank depreciated by 0.4per cent and 1.9per cent to close at N24.50 and N23.55 respectively.

Thus, the overall market capitalisation value lost N112 billion to close at N22.045 trillion from N22.157 trillion it opened for trading, while NGX All-Share Index declined by 215.18 per cent,or 0.51 per cent, to close at 42,247.98 points from 42,463.16 basis points.

Analysing by sectors, the NGX Oil and Gas dropped by 3.5per cent, Insurance was down by 2.2 per cent, Banking slips by 1.2 per cent and Industrial Goods depreciated by -0.1 per cent yesterday, while the Consumer Goods added 0.1 per cent index, a the sole gainer yesterday.

Accordingly, Month-to-Date loss increased to -2.3per cent while Year-to-Date gain moderated to +4.9 per cent-.

As measured by market breadth, market sentiment was negative as 34 stocks lost relative to 17 gainers. Meyer Plc recorded the highest price gain of 10 per cent to close at 22 kobo, per share. NEM Insurance followed with a gain of 7.33 per cent to close at N2.05, while Royal Exchange up by 5.88 per cent to close at 54 kobo, per share.

Japaul Gold and Ventures appreciated by 5.26 per cent to close at 40 kobo, while Chams rose by 4.76 per cent to close at 22 kobo, per share.

On the other hand, BOS Gases Nigeria led the losers’ chart by 10.00 per cent to close at N9.45, per share. UACN Property Development Company (UPDC) followed with a decline of 9.09 per cent to close at 90 kobo, while Trans-Nationwide Express lost 8.99 per cent to close at 81 kobo, per share.

LivingTrust Mortgage Bank declined 8.33 per cent to close at 88 kobo, while AXA Mansard shed 7.89 per cent to close at N2.10, per share.

Meanwhile, the total volume traded fell by 3.4 per cent to 324.020 million units, valued at N5.294 billion, and exchanged in 4,706 deals.Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 113.360 million shares valued at N1.346 billion. GTCO followed with 33.477 million shares worth N821.132 million, while Access Bank traded 18.965 million shares valued at N170.666 […]

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