Profit Taking In 17 Stocks Drags Capitalisation By N6 Billion?

Despite price gains that outweighed losses, the Nigerian stock market closed on a downward note yesterday, as profit-taking in 17 stocks dragged market capitalisation by N6 billion.

Specifically, at the close of transactions yesterday, the All-Share Index declined by 11.24 per cent, representing a decrease of 0.02 per cent, to close at 47,353.22 points.

Similarly, the overall market capitalisation value lost N6 billion to close at N25.521 trillion.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are; Seplat Energy, Nigerian Breweries, Dangote Sugar Refinery, United Capital and Unilever Nigeria.

However, market breadth was positive as 18 stocks gained relative to 17 losers. UAC of Nigeria (UACN) recorded the highest price gain of 10 per cent to close at N12.10 kobo.

Royal Exchange followed with a gain of 9.80 per cent to close at N1.12, while Wapic Insurance up by 8.16 per cent to close at 53 kobo. Presco rose by 6.40 per cent to close at N133.00, while Multiverse Mining and Exploration gained 4.55 per cent to close at 23 kobo.

On the other hand, Niger Insurance led the losers’ chart by 9.09 per cent to close at 20 kobo. Cornerstone Insurance followed with a decline of 6.45 per cent to close at 58 kobo, while Veritas Kapital Assurance lost 4.55 per cent to close at 21 kobo.

SEPLAT Energy declined 3.13 per cent to close at N930.00, while Lasaco Assurance shed 2.80 per cent to close at N1.04 kobo.

The total volume traded rose by 64.3 per cent to 239.732 million units, valued at N3.892 billion, and exchanged in 3,848 deals.

Transactions in the shares of Veritas Kapital Assurance topped the activity chart with 30.010 million shares valued at N6.302 billion. United Bank for Africa (UBA) followed with 27.730 million shares worth N235.186 million, while FBN Holdings (FBNH) traded 23.021 million shares valued at N272.019 million.

Guaranty Trust Holding Company traded 18.247 million shares valued at N477.757 million, while Fidelity Bank transacted 16.107 million shares worth N47.763 million.

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