Business

Profit-taking drags stock market index by 0.12 per cent

profit taking drags stock market index by 0 12 per cent

Nigerian Stock Exchange

Transactions on the equity sector of the Nigerian Stock Exchange (NSE) closed on a downward note yesterday. This was triggered by profit-taking in most blue-chip stocks, causing the All-Share Index (ASI) to dip by 0.12 per cent.

At the close of trading, the ASI plunged by 48.57 points, representing a decrease of 0.12 per cent to close at 41,099.15 points. Also, market capitalisation depreciated by N26 billion to close at N21.499 trillion.

The downtrend was driven by price depreciation in large and medium capitalised stocks amongst which are; MRS Oil Nigeria, Cadbury Nigeria, Flour Mills of Nigeria, Dangote Cement and Guinness Nigeria.

Analysts at Vetiva Dealing & Brokerage said: “With losses recorded in all sectors, except for the Industrial goods sector which benefited from the 547bps rise in the share price of WAPCO, the ASI was unable to sustain yesterday’s gain.

“We expect tomorrow’s session to be mixed as continued bargain hunting is anticipated in some fundamentally sound names, while an extension of profit-taking action is expected in others (especially in the Insurance sector given recent rally).”

Market sentiment, as measured by the market breadth, closed negative as 50 stocks lost, relative to 14 gainers.

Multiverse Mining and Exploration and Northern Nigeria Flour Mills (NNFM) recorded the highest price gain of 10 per cent each, to close at 22 kobo and N9.68 kobo, while Champion Breweries followed with a gain 9.88 per cent to close at N1.78 kobo.

NCR Nigeria went up by 9.65 per cent to close at N2.84, while Trans-Nationwide Express appreciated by 9.38 per cent to close at N1.05 kobo.

On the other hand, Chams and Prestige Assurance led the losers’ chart by 10 per cent each, to close at 27 kobo and 54 kobo, while Tourist Company of Nigeria followed with a decline of 9.84 per cent, to close at N2.84 kobo.

MRS Oil Nigeria shed 9.82 per cent to close at N12.40, while AXA Mansard Insurance lost 9.80 per cent to close at N1.38 kobo.

However, the total volume traded rose by 72.61 per cent to 1.121 billion shares, worth N6.398 billion, and traded in 7,404 deals.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 428.292 million shares valued at N559.209 million.

Guaranty Trust Bank followed with 62.055 million shares worth N2.048 billion, while Sovereign Trust Insurance traded 61.430 million shares valued at N20.903 million.

Mutual Benefits Assurance traded 58.543 million shares valued at N31.132 million, while Universal Insurance transacted 38.068 million shares worth N9.812 million.



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