Profit-taking in 18 stocks drags capitalisation by N38 billion
The Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, as profit-taking in Learn Africa, 17 stocks dragged market capitalisation by N38 billion.
Specifically, at the close of transactions yesterday, the all-share index decreased by 70.37 absolute points, representing a dip of 0.15 per cent to close at 46,893.86 points.
Similarly, the market capitalisation lost N38 billion to close at N25.273 trillion.
The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Zenith Bank, Ardova, FBN Holdings (FBNH), FCMB Group and Learn Africa.
Reacting to market performance, analysts at GTI Securities Limited said: “The week starts with a reverse of the last trading session, as sell-off persists across all sectors. We expect this to continue this week, with uncertainties hovering around the equity market.”
United Capital also said: “This week, we expect to see continued profit-taking on positions that have appreciated, while investors reduce market exposure as dividend season gradually draws to a close. We retain a preference for investors to continue to seek selling opportunities to reduce exposure to the domestic equities market.”
Vetiva Dealings and Brokerage said: “As expected, the week started mixed with the banking sector taking the most hit, despite trades in that space dominating the activity chart. We foresee a further mixed trading pattern, as investors continue to bargain hunt across the board, whilst taking profit on some recent gainers.
Market sentiment, as measured by market breadth, closed at par recording 18 gainers and 18 losers. Beta Glass recorded the highest price gain of 9.92 per cent, to close at N58.20 kobo.
PZ Cussons Nigeria followed with a gain of 9.68 per cent to close at N10.20 kobo, while Livestock Feeds appreciated by 9.03 per cent to close at N1.69 kobo.
Linkage Assurance went up by eight per cent to close at 54 kobo, while Jaiz Bank appreciated by 6.06 per cent, to close at 70 kobo.
On the other hand, Learn Africa led the losers’ chart by 9.68 per cent, to close at N1.96, per share. Unity Bank followed with a decline of 8.16 per cent to close at 45 kobo, while Caverton Offshore Support Group depreciated by 7.09 per cent to close at N1.18 kobo.
FCMB Group lost 6.89 per cent to close at N3.11, while Transnational Corporation of Nigeria (Transcorp) shed 6.54 per cent to close at N1.
However, the total volume traded rose by 103.2 per cent to 359.89 million shares, worth N2.611 billion, and traded in 5,163 deals. Transactions in the shares of Transcorp topped the activity chart with 92.001 million shares valued at N92.757 million.
Sterling Bank followed with 50.739 million shares worth N76.618 million, while Fidelity Bank traded 46.677 million shares valued at N153.611 million.
Linkage Assurance traded 30.514 million shares valued at N15.274 million, while Access Holdings transacted 15.458 million shares worth N156.404 million.