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Profit-taking drags capitalisation further by N164 billion

profit taking drags capitalisation further by n164 billion

profit taking drags capitalisation further by n164 billion
Following sustained profit-taking, transactions at the Nigerian Stock Exchange (NSE) closed bearish yesterday, as market capitalisation depreciated further by N164 billion.

The All-Share Index (ASI) fell by 314.11 absolute points, representing a decline of 0.74 per cent to close at 42,043.79 points. Also, the overall market capitalisation lost N164 billion to close at N21.994 trillion.

The downturn was driven by price depreciation in large and medium capital stocks, including Nigerian Breweries, Lafarge Africa, Ardova, BOC Gases, and Zenith Bank.

Analysts at Afrinvest said: “We expect the trend in corporate releases to shape performance this week.”

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Market sentiment was negative, as 50 stocks declined, relative to nine gainers. Champion Breweries recorded the highest price gain of 9.94 per cent, to close at N3.76 kobo.

Unilever Nigeria followed with a gain of 5.19 per cent to close at N14.20, while eTranzact Plc rose 5.15 per cent to close at N2.45 kobo.

Veritas Kapital Assurance advanced 4.76 per cent to close at 22 kobo, and Sovereign Trust Insurance appreciated by four per cent to close at 26 kobo, per share.

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On the other hand, Linkage Assurance led the losers’ chart by 10 per cent to close at 81 kobo per share.

BOC Gases followed with fell 9.99 per cent to close at N13.61, and Ardova Plc shed 9.97 per cent to close at N17.15 kobo.

Berger Paints slipped 9.94 per cent to close at N7.25, while Northern Nigeria Flour Mills (NNFM) lost 8.76 per cent to close at N8.75, per share.

Also, the total volume of trades retreated by 5.3 per cent to 556.023 million units valued at N4.785 billion, exchanged in 7,110 deals.

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Transactions in the shares of Union Bank of Nigeria (UBN) topped the activity chart with 79.525 million shares valued at N457.255 million.

Transnational Corporation of Nigeria (Transcorp) followed with 52.666 million shares worth N54.152 million, while FBN Holdings (FBNH) traded 49.539 million shares at N361.646 million.

Zenith Bank traded 38.576 million shares valued at N1.033 billion, and United Bank for Africa (UBA) transacted 35.514 million shares worth N314.796 million.

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