Stock Market Sheds N2bn On Investors’ Profit-taking

Stock Market Sheds N2bn On Investors’ Profit-taking

The Nigerian equities market yesterday shed N2 billion on investors’ profit taking in 15 stocks after the massive gaining streak recorded the previous day.

The All-Share Index declined by 4.08 per cent, representing a decrease of 0.01 per cent, to close at 44,604.74 points. Similarly, the overall market capitalisation value lost N2 billion to close at N24.032 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Custodian Investment, UAC of Nigeria (UACN), NEM Insurance, Stanbic IBTC Holdings and Unilever Nigeria.

As measured by market breadth, market sentiment was negative as 15 stocks lost relative to 14 gainers.

Transnational Corporation of Nigeria (Transcorp) recorded the highest price gain of 9.71 per cent to close at N1.13, per share. Consolidated Hallmark Insurance followed with a gain of 7.94 per cent to close at 68 kobo, while Regency Alliance Insurance up by 7.14 per cent to close at 45 kobo, per share.

Jaiz Bank rose by 6.06 per cent to close at 70 kobo, while International Breweries gained 4.04 per cent to close at N5.15, per share.

On the other hand, NEM Insurance led the losers’ chart by 10 per cent to close at N3.96, per share. Custodian Investment followed with a decline of 9.49 per cent to close at N7.15, while UACN lost 5.21 per cent to close at N9.10, per share.

FTN Cocoa Processors declined 5.13 per cent to close at 37 kobo, while Japaul Gold and Ventures shed 4.44 per cent to close at 43 kobo, per share.

However, the total volume traded increased by 20.8 per cent to 321.753 million units, valued at N3.655 billion, and exchanged in 4,565 deals. Transactions in the shares of Transcorp topped the activity chart with 104.577 million shares valued at N115.220 million. Jaiz Bank followed with 66.714 million shares worth N45.051 million, while Mutual Benefits Assurance traded 13.747 million shares valued at N3.755 million.

FBN Holdings (FBNH) traded 12.588 million shares valued at N151.301 million, while Guaranty Trust Bank Holding Company (GTCO) transacted 10.923 million shares worth N277.933 million.

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