Profit-taking plunges index by 0.08 per cent

Profit-taking in many blue-chip stocks, especially Prestige Assurance and Pharma-Deko, forced the Nigerian Exchange Limited (NGX) to reverse its gaining streak to close on a downturn yesterday, causing the All-Share Index (ASI) to decline by 0.08 per cent.

Specifically, the ASI declined by 31.44 points, representing a loss of 0.08 per cent to close at 38,469.87 points. Similarly, the market capitalisation shed N27 billion, representing a decrease of 0.13 per cent to close at N20.043 trillion.

The market downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; NASCON Allied Industries, Guaranty Trust Bank Holding Company, Access Bank, Stanbic IBTC Holdings and United Bank for Africa (UBA).

Analysts at Afrinvest Limited said:“ In the final trading session for the week, we expect profit-taking sentiment to be extended barring any fresh positive catalyst.”

Market sentiment was also negative, as 16 stocks declined while 12 recorded price appreciation. NEM Insurance recorded the highest price gain of 10 per cent to close at N2.20 kobo while Courteville Business Solutions followed with a gain of 9.52 per cent to close at 23 kobo. Nigerian Aviation Handling Company (NAHCO) went up by 5.71 per cent to close at N2.59 kobo.

Caverton Offshore Support Group rose by 4.42 per cent to close at N1.89 kobo. Transnational Corporation of Nigeria (Transcorp) also gained 4.40 per cent to close at 95 kobo.

On the other hand, Prestige Assurance led the losers’ chart by 10 per cent to close at 45 kobo. Pharma-Deko Plc followed with a decline of 9.70 per cent to close at N1.21 kobo.

University Press lost 7.88 per cent to close at N1.52 kobo. Wapic Insurance depreciated by 5.08 per cent to close at 56 kobo while Mutual Benefits Assurance shed 4.65 per cent to close at 41 kobo.

The total volume of trades fell by 19.5 per cent to 238.244 million units, valued at N2.583 billion, and exchanged in 3,927 deals. Transactions in the shares of Transcorp topped the activity chart with 34.438 million shares valued at N32.136 million.

Courteville Business Solutions followed with 26.368 million shares worth N5.892 million, while Zenith Bank traded 23.658 million shares valued at N590.347 million.

Fidelity Bank traded 20.448 million shares valued at N47.420 million, while Chams transacted 15.115 million shares worth N3.023 million.