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Profit taking in 17 stocks drag indices by N169 billion

By Helen Oji
31 May 2022   |   2:47 am
The Nigerian Exchange Limited (NGX) reopened in a downturn yesterday, as losses in Presco MTN Nigeria and 15 stocks dragged market capitalisation by N169 billion, following profit taking by investors.

Nigerian Exchange Limited (NGX). Photo/FACEBOOK/ ngxgroup

The Nigerian Exchange Limited (NGX) reopened in a downturn yesterday, as losses in Presco MTN Nigeria and 15 stocks dragged market capitalisation by N169 billion, following profit taking by investors.

At the close of transactions yesterday, the All Share Index (ASI) decreased by 313.16 absolute points, representing a dip of 0.58 per cent to close at 53,772.14 points. Similarly, the market capitalisation lost N169 billion to close at N28.989 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Presco, MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, Lafarge Africa and University Press.

Going into the week, analysts at United Capital Plc expect sentiments to remain soft and possibly support further profit-taking, particularly, if fixed-income yields continue to surge in light of the MPR rate hike, saying
“Nevertheless, we advise investors not to panic and rather take advantage of the dip to increase positions in attractively priced fundamental stocks.”

As measured by market breadth, market sentiment was positive as 25 stocks gained while 17 others depreciated in price.

Presco led the losers’ chart with 10 per cent, to close at N162. University Press followed with a decline of 8.77 per cent to close at N2.60 kobo while FTN Cocoa processors went down by 8.57 to close at 32 kobo.

May & Baker Nigeria lost 7.60 per cent to close at N4.01 kobo while Wema Bank shed 6.85 per cent to close at N3.40 kobo. Honeywell fell by 6.29 per cent to close at N3.28 kobo while TransNational Corporation depreciated by 6.15 per cent to close at N1.22 kobo.

MTNNigeria lost 2.95 per cent to close at N230. Fidelity Bank shed 2.94 per cent to close at N3.30 kobo. Lafarge WAPCO declined by 160 kobo to close at N27.70 kobo while Stanbic IBTC also dropped 1.45 per cent to close at N27.70 kobo.

On the other hand, Trans Nationwide Express recorded the highest price gain, adding 9.86 per cent to close at 78 kobo while NPF Microfinance Bank followed with a gain 9.76 per cent to close at N1.80 kobo.

UAC of Nigeria (UACN) appreciated by 9.52 per cent to close at N11.50 kobo. Jaiz Bank went up by 8.97 per cent to close at 85 kobo while Livestock Feeds appreciated by 6.67 per cent to close at N1.60 kobo.

Royal Exchange gained 6.12 per cent to close at N1.04 kobo. United Capital appreciated by 5.08 per cent to close at N13.45 kobo. Multiverse gained five kobo to close at 21 kobo. Niger Insurance also added five kobo to close at 21 kobo.

Thus, UBN was the most traded stock by volume and value with 27.337 billion shares valued at N191.359 billion. Transnational Corporation of Nigeria (Transcorp) followed with 70.067 million shares worth N85.102 million.

Access Holdings traded 21.249 million shares valued at N212.351 million.

Jaiz Bank traded 16.266 million shares valued at N13.625 million, while Sterling Bank transacted 10.535 million shares worth N15.872 million.