Investors’ wealth depreciates by N1 billion amid profit taking
Virtually all the blue-chip stocks depreciated in price at the close of transactions, yesterday, on the floor of the Nigerian Exchange Limited (NGX) as profit taking dragged market capitalisation by N1 billion.
The All-Share Index declined by 1.63 per cent, representing a decrease of 0.003 per cent, to close at 55,603.94 points. Similarly, the overall market capitalisation value lost N1 billion to close at N30.290 trillion.
The market’s negative performance was driven by price depreciation in large and medium capitalised stocks, which are: MRS Oil Nigeria, Multiverse Mining and Exploration, Zenith Bank, NCR Nigeria and FBN Holdings (FBNH).
Analysts at Afrinvest Limited said, “in the next trading session, we expect mild gains in the market as investors hunt for bargains.” For Vetiva Dealings and Brokerage: “with investors still awaiting full year results from the Tier-I banks, these stocks remain under pressure, as profit taking activity continues. We anticipate another muted trading session, as investors continue to trade cautiously in the market.”
The market breadth was negative as 22 stocks lost relative to 10 gainers. MRS Oil Nigeria led the losers’ chart by 10 per cent to close at N31.05, while NCR Nigeria followed with a decline of 9.88 per cent to close at N2.92 kobo.
Multiverse Mining and Exploration dropped 9.85 per cent to close at N3.57, while Cutix and Veritas Kapital Assurance shed 9.09 per cent each to close at N2.00 and 20 kobo respectively, per share.
Unity Bank shed 8.47 kobo to close at 54 kobo. FTN Cocoa dropped 7.14 per cent to close at 26 kobo. RT Briscoe lost 7.14 per cent to close at 26 kobo. Honeywell Flourmills declined by 6.41 per cent to close at N2.19 kobo. Royal Exchange depreciated by 3.85 per cent to close at 75 kobo. Mutual Benefit Assurance also shed 3.03 per cent to close at 32 kobo.
On the other hand, Caverton Offshore Support Group recorded the highest price gain of 9.62 per cent to close at N1.14, per share. UAC of Nigeria (UACN) followed with a gain of 7.60 per cent to close at N9.20 and Wapic Insurance up by 5.00 per cent to close at 42 kobo.
AXA Mansard Insurance rose by 4.50 per cent to close at N2.09, while Chams Holding Company gained 3.85 per cent to close at 27 kobo. First City Monument Bank added 3.49 per cent to close at N4.45 kobo.
Ondo appreciated by 2.75 per cent to close at N4.48 kobo. Fidelity Bank garnered 1.17 per cent to close at N5.20 kobo. Dangote cement advanced by 72 per cent to close at N280.
Meanwhile, the total volume traded increased by 29.07 per cent to 159.460 million units, valued at N2.476 billion, and exchanged in 4,187 deals. Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 14.420 million shares valued at N18.467 million.
Zenith Bank followed with 13.261 million shares worth N344.877 million, while Guaranty Trust Holding Company (GTCO) traded 11.871 million shares valued at N311.013 million.
United Bank for Africa (UBA) traded 11.141 million shares valued at N95.469 million, while Fidelity Bank transacted 10.225 million shares worth N52.520 million.