NSE reopens bearish as investors’ lose N119 billion amid profit-taking
16 June 2020 |
4:14 am
The Nigerian Stock Exchange (NSE), resumed trading on a downward note, Monday, occasioned by profit-taking in bellwether stocks, as investors wealth dipped N119 billion.
The Nigerian Stock Exchange (NSE), resumed trading on a downward note, Monday, occasioned by profit-taking in bellwether stocks, as investors wealth dipped N119 billion.
Yesterday, the All Share Index (ASI) shed 228.35 points or 0.91 per cent to 24,954.32 points. Accordingly, investors lost N119 billion in value as market capitalisation slipped to N13.018 trillion.
The downturn was impacted by losses recorded in medium and large value stocks, amongst which were; MTN Nigeria Communications (MTNN), BUA Cement, Zenith Bank, Ecobank Transnational Incorporated (ETI), and Guaranty Trust Bank.
Capital market analysts attributed the decline to profit-taking in stocks that have gained, maintaining a bearish outlook this week, as market fundamental remains susceptible to the negative effect of the COVID-19 pandemic and geo-political tensions.
Analysts at United Capital Plc, said: “Looking ahead, we expect the market to remain volatile, as investors lock funds in cheap and fundamentally sound stocks, while taking profit on some stocks that gained last week.”
Market breadth closed negative, 16 stocks posted gains while 25 declined. Fidson Healthcare and Red Star Express recorded the highest price gain of 10 per cent each to close at N3.30 and N3.63, respectively, while Cornerstone Insurance followed with 9.80 per cent to close at 56 kobo, per share.
Honeywell Flour Mills rose 9.78 per cent to close at N1.01, and Unity Bank gained 8.77 per cent to close at 62 kobo, per share.
On the other hand, Prestige Assurance led the losers’ chart by 10 per cent to close at 63 kobo per share.
Neimeth International Pharmaceuticals followed with 9.73 per cent each to close at N2.32, and Aiico Insurance shed 9.32 per cent to close at N1.07, per share.
ETI lost 7.34 per cent to close at N5.05, while UACN Property Development Company slipped 6.73 per cent to close at 97 kobo, per share.
Total volume traded also fell 29.51 per cent to 237.653 million shares worth N1.609 billion, traded in 4,808 deals.
Transactions in the shares of FBN Holdings topped the activity chart with 24.351 million shares valued at N128.757 million. Zenith Bank followed with 24.136 million shares worth N392.360 million, and FCMB Group traded 19.468 million shares at N33.483 million.
Caverton Offshore Support Group traded 17.374 million shares valued at N39.017 million, while United Bank for Africa (UBA) transacted 14.639 million shares worth N95.741 million.
Related
12 hours ago
Various fibre cuts may have cost affected telecoms operators, especially MTN and Airtel, about N27 billion ($23 million) in repairs last year. To reduce the cost of the operations of the firms, the Federal Government through the Ministry of Works
14 hours ago
There is fresh hope among the Nigerian insurance industry players that the appointment of Olusegun Omosehin as the new Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission (NAICOM) continues to generate interest in various segments of the industry.
1 day ago
The tasks of the Nigerian delegation to the just-concluded International Monetary Fund (IMF) and the World Bank Spring Meetings in Washington, United States, were well defined – sell Nigeria, seal economic pacts and market packages
1 day ago
Inflation will hit 34.98 per cent this month, analysts at Cordros Capital analysts have said.
1 day ago
There is fresh hope among the Nigerian insurance industry players that the appointment of Olusegun Omosehin as the new Commissioner for Insurance/Chief Executive Officer, the National Insurance Commission (NAICOM) continues to generate interest in various segments of the industry.
1 day ago
The General Manager of Pharma Sales and Marketing at May & Baker Nigeria Plc, Obinna Sydney Emeribe, said the company is optimistic about its growth trajectory and targeting N27 billion in revenue for 2024.
1 day ago
Transcorp Hotel Plc said its five-star Lagos Ikoyi is near completion and will be delivered by 2027.
2 days ago
The motion by the Senate that mobile courts be established for trial and imprisonment of parents and guardians refusing to enroll their wards in school may appear to be drastic; but it is a wake-up call to all stakeholders to save the children from a bleak future and save Nigeria from chronic underdevelopment,
2 days ago
The Minister of State Petroleum Resources (Gas), EkperikpeEkpo has assured of the ministry’s readiness to partner with Akwa Ibom State to unlock the economic potential of gas resources in the state.
2 days ago
The shareholders of Access Holdings Plc have backed the group’s plan to establish a capital raising programme of US$1.5b as well as the subset initiative to raise up to N365b, specifically, through a Rights Issue of ordinary shares to its shareholders.
×
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.