Profit-takingPersist as Stock Market Open Week on Negative Note

Profit-takingPersist as Stock Market Open Week on Negative Note

Darasimi Adebisi

The Nigerian equities market yesterday closed transactions for the first day in the new week on a negative note.

The price depreciation was due to investors’ profit-taking sentiments in all the major indices except the consumer goods and banking indices.

Consequently, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) dropped by 6.16 basis points, representing a decrease of 0.02 per cent, to close at 38,915.62 basis points. Similarly, the overall market capitalisation value dropped by N3 billion to close at N20.276 trillion yesterday.

Analysts at United Capital Plc had pedicted bargain hunting on some stocks that experienced profit-taking in the previous week.

According to them: “In the medium term, we expect the market to remain choppy. Additionally, market participants will be watching the fixed income space closely amid a hike in stop rates at the recent Nigerian Treasury Bills (NTB) auction.”

The market breadth closed negative, recording 20 losers as against 18 gainers. Morison Industries recorded the highest price gain of 9.38 per cent, to close at N2.10, per share. Sovereign Trust Insurance followed with a gain of eight per cent to close at 27 kobo, while Linkage Assurance appreciated by 5.26 per cent to close at 60 kobo, per share.

Fidelity Bank went up by 4.35 per cent to close at N2.40, while International Breweries appreciated by 4.17 per cent to close at N5.00, per share. On the other hand, SCOA Nigeria led the losers’ chart by 10 per cent to close at N1.17, per share. Academy Press followed with a decline of 7.69 per cent to close at 36 kobo, while UACN Property Development Company (UPDC) down by 6.21 per cent to close at N1.51, per share.

Associated Bus Company depreciated by 5.71 per cent to close at 33 kobo, while Oando declined by 4.09 per cent to close at N4.45, per share.

However, total volume traded appreciated by 30.11 per cent to 201.103 million shares, worth N2.526 billion, and traded in 3,340 deals. Transactions in the shares of Universal Insurance topped the activity chart with 19.447 million shares valued at N3.889 million. Fidelity Bank followed with 19.283 million shares worth N46.513 million, while FBN Holdings (FBNH) traded 16.680 million shares valued at N12.499 million.

Courteville Business Solutions traded 13.758 million shares valued at N3.870 million, while Access Bank sold 13.499 million shares worth N125.059 million.

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