Stocks Market Sheds N15bn On Sustained Profit Taking

Stocks Market Sheds N15bn On Sustained Profit Taking

The Nigerian stocks market yesterday shed N15 billion as bearish run persisted on sustained profit taking.

The All Share Index (ASI) shed 41.48 absolute points, representing a decline of 0.13 per cent, to close at 31,040.84 points. Similarly, market capitalisation lost N15 billion, to close at N11.576 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Beta Glass, Cadbury Nigeria, Stanbic IBTC Holdings and Nigerian Breweries.

Analysts at Afrinvest Limited, said that “despite the bearish run in yesterday’s session, we observed some bargain hunting, especially in bellwethers that declined earlier in the week.

“Hence, whilst the bearish sentiment continues to prevail, we are positive that certain triggers, including new company earnings releases and compelling attractive valuation, would propel demand in subsequent sessions.”

Market breadth closed negative, recording 14 gainers against 23 losers. Niger Insurance recorded the highest price gain of 9.52 per cent, to close at 23 kobo, per share. Access Bank gained 9.24 per cent to close at N6.50, while Fidelity Bank appreciated by 9.05 per cent to close at N2.41, per share.

Wema Bank appreciated by 4.05 per cent to close at 77 kobo, while UACN went up by 3.90 per cent to close at N8, per share. On the other hand, Cutix led the losers’ chart by 9.76 per cent, to close at N1.85 per share. Beta Glass followed with a decline of 8.92 per cent to close at N71.95, while Aiico Insurance shed 8.45 to close at 65 kobo, per share.

Cadbury Nigeria down by 8.33 per cent to close at N11, while Ikeja Hotel shed 8.24 per cent to close at N1.56, per share.

The total volume traded depreciated by 25.84 per cent to 223.66 million shares, worth N2.16 billion, and traded in 3,419 deals. Transactions in the shares of Access Bank topped the activity chart with 83.2 million shares valued at N529.94 million. Zenith Bank followed with 22.45 million shares worth N494.67 million, while Fidelity Bank traded 16.32 million shares valued at N38.1 million.

United Bank for Africa (UBA) traded 15.09 million shares valued at N116.08 million, while FCMB Group transacted 13.47 million shares worth N26.51 million.

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