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Profit taking drags capitalisation by N89 billion

By Helen Oji
17 January 2023   |   3:35 am
Transactions on the Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, following profit taking by investors, causing market capitalisation to decline by N89 billion. Yesterday, the All-Share Index (ASI) decreased by 163.66 absolute points, representing a decline of 0.32 per cent to close at 52,348.82 points. Similarly, the overall market capitalisation depreciated by N89…

Trading floor at NGX

Transactions on the Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, following profit taking by investors, causing market capitalisation to decline by N89 billion.

Yesterday, the All-Share Index (ASI) decreased by 163.66 absolute points, representing a decline of 0.32 per cent to close at 52,348.82 points. Similarly, the overall market capitalisation depreciated by N89 billion to close at N28.513 trillion.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Zenith Bank, Lafarge Africa, Ecobank Transnational Incorporated (ETI), Guaranty Trust Holding Company (GTCO) and United Bank for Africa (UBA).

Analysts at United Capital Plc anticipated sustained bullish sentiment in the market as investors take positions ahead of the full year, 2022 earnings season.

Vetiva Dealing and Brokerage said: “As expected, investors took profit especially in the banking sector, accounting for 40 per cent of the day’s losers. We expect market sentiment to remain negative as sell-off persists.”

However, the market breadth closed positive, recording 20 gainers as against 23 losers. Presco recorded the highest price gain of 9.67 per cent to close at N150.80, while Wapic Insurance followed with a gain 9.52 per cent to close at 46 kobo, per share.

FTN Cocoa processors went up by 7.14 per cent to close at 30 kobo, while R.T Briscoe Nigeria and Associated Bus Company appreciated by 6.90 per cent each to close at 31 kobo each, per share.

On the other hand, Chellarams led the losers’ chart by 9.70 per cent to close at N1.21, per share. Prestige Assurance followed with a decline of 8.70 per cent to close at 42 kobo, while Livestock Feeds lost 7.69 per cent to close at N1.20, per share.

Mutual Benefits Assurance lost 6.25 per cent to close at 30 kobo, while Honeywell Flour Mills shed 6.22 per cent to close at N2.26, per share.

Meanwhile, the total volume traded rose by 2.16 per cent to 221.854 million shares, worth N3.250 billion, and traded in 5,219 deals. Transactions in the shares of UBA topped the activity chart with 22.933 million shares valued at N185.902 million. GTCO followed with 20.031 million shares worth N482.502 million, while Transnational Corporation of Nigeria (Transcorp) traded 14.594 million shares valued at N17.601 million.

FBN Holdings (FBNH) traded 14.124 million shares valued at N163.128 million, while Zenith Bank transacted 13.517 million shares worth N336.303 million.

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