Friday, 29th March 2024
To guardian.ng
Search
Breaking News:

Profit taking in 33 stocks drags capitalisation by N98 billion

By Helen Oji
03 February 2022   |   2:20 am
After six days of sustained rally, sell-offs and profit taking in 33 stocks yesterday, pulled the Nigerian Exchange Limited (NGX) market capitalisation by N98 billion.

After six days of sustained rally, sell-offs and profit taking in 33 stocks yesterday, pulled the Nigerian Exchange Limited (NGX) market capitalisation by N98 billion.

At the close of trading yesterday, the All-Share Index (ASI) declined by 180.55 per cent, representing a decrease of 0.38 per cent, to close at 46,930.66 points. Similarly, market capitalisation depreciated by N98 billion to close at N25.289 trillion.

Analysts at Vetiva Dealing and Brokerage said: “After six consecutive sessions of increased demand and price appreciation in the banking space, investors took profit today ensuring the negative close. We expect the former to persist as bargain-hunting activities are likely to continue.”

The negative performance was driven by price depreciation in large and medium capitalised stocks, which are, MTN Nigeria Communications (MTNN), Zenith Bank, Lafarge Africa, Nigerian Breweries and Guaranty Trust Holding Company (GTCO).

As measured by market breadth, market sentiment was negative as 33 stocks lost while 21 recorded price appreciation.
Associated Bus Company (ABC) led the losers’ chart by 8.33 per cent to close at 33 kobo while Courtville Business Solutions followed with a decline of 6.90 per cent to close at 54 kobo. Caverton Offshore Support Group lost 6.17 per cent to close at N1.52 kobo.

May & Baker Nigeria declined by 5.95 per cent to close at N4.27 kobo. FTN Cocoa Processors shed 5.26 per cent to close at 36 kobo. Chams shed 4.76 per cent to close at 20 kobo. UPL depreciated by 4.26 per cent to close at N2.47 kobo. AIICO insurance dropped 4.05 per cent to close at 71 kobo.

WAPIC insurance lost 3.85 per cent to close at 50 kobo. Mansard fell by 3.69 per cent to close at N2.35 kobo. United Bank for Africa also dropped 3.41 per cent to close at N8. 50 kobo.

On the other hand, Ikeja Hotel emerged the highest price gainer, adding 10 per cent to close at N1.43 kobo. Conoil followed with a gain of 9.96 per cent to close at N26.50 kobo. Academy Press rose by 9.71 per cent to close at N1.13 kobo.

R.T. Briscoe Nigeria appreciated by 8.33 per cent to close at 26 kobo. Linkage Assurance gained 6.52 per cent to close at 49 kobo, per share. Ecobank TransNational Incorporated (ETI) garnered 5.17 per cent to close at N12.20 kobo.

Guinea insurance gained five per cent to close at 21 kobo.

International Brewery appreciated by 3.45 per cent to close at N6. Jaiz Bank increased by 2.99 per cent to close at 69 kobo. Japaul Gold also added 2.70 per cent to close at 38 kobo.

However, the total volume traded increased by 27.36 per cent to 434.946 million units, valued at N6.260 billion, and exchanged in 5,878 deals.

Transactions in the shares of Fidelity Bank topped the activity chart with 47.738 million shares valued at N136.724 million.

Transnational Corporation of Nigeria (Transcorp) followed with 35.585 million shares worth N40.869 million, while Courteville Business Solutions traded 32.456 million shares valued at N17.749 million.

Zenith Bank traded 30.055 million shares valued at N799.515 million, while GTCO transacted 24.625 million shares worth N680.806 million.

0 Comments