Investors lose N127 billion amid sustained profit taking

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The Nigerian Exchange Limited (NGX) extended losses to a third consecutive session yesterday, causing investors’ wealth to decline further by N127 billion as profit taking takes toll on the exchange.

Consequently, the All Share Index (ASI) fell by 232.70 points or 0.42 per cent to 55,490.20 points. Accordingly, investors lost N127 billion in value as market capitalisation declined to N30.229 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are, Geregu Power, Flour Mills of Nigeria, United Capital, Zenith Bank and Chemical & Allied Products (CAP).

Analysts at Afrinvest said: “Investors sentiments as measured by market breadth waned as 11 stocks advanced while 19 declined. We expect this negative performance to persist in the absence of any other catalyst.”

On the price movement chart, United Capital led the losers’ chart by 9.30 per cent, to close at N11.70 per share. University Press followed with a decline of 7.50 per cent to close at N1.85, while GlaxoSmithKline Consumer Nigeria declined by 7.46 per cent to close at N6.20, per share.

Neimeth Pharmaceutical depreciated by 7.01 per cent to close at N1.46 and Oando declined by 6.74 per cent to close at N4.01, per share. Geregu shed 6.46 per cent to close at N304 while Flourmills depreciated by 5.92 per cent to close at N31. CAP lost 4.71 per cent to close at N19.20 kobo. Zenith Bank dropped 4.60 per cent to close at N23.85 kobo. Vitafoam also shed 4.12 per cent to close at N18.60 kobo.

However, Prestige Assurance recorded the highest price gain of 7.89 per cent, to close at 41 kobo, per share. Veritas Kapital Assurance followed with a gain of 5.00 per cent to close at 21 kobo, while Nigerian Exchange Group appreciated by 4.87 per cent to close at N28.00, per share.

Unilever Nigeria went up by 3.70 per cent to close at N14.00, while Japaul Gold and Ventures appreciated by 3.57 per cent to close at 29 kobo, per share. Multiverse gained 2.13 per cent to close at N3.83 kobo while African Prudential added 1.69 per cent to close at N6.

Caverton garnered 97 per cent to close at N1.04 kobo. FBN Holdings appreciated by 92 per cent to close at N11. UACN advanced by 53 per cent to close at N9.55 kobo. PZ Cussons also gained 47 per cent to close at N10.80 kobo.

The total volume traded declined by 9.1 per cent to 181.187 million units, valued at N3.405 billion, and exchanged in 3,908 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 33.851 million shares valued at N841.945 million.

Transnational Corporation (Transcorp) followed with 20.127 million shares worth N26.619 million, while Zenith Bank traded 18.560 million shares valued at N454.671 million.

Flour Mills of Nigeria traded 18.494 million shares valued at N573.142 million, while United Bank for Africa (UBA) sold 15.149 million shares worth N121.591 million.