Profit-taking pushes down market index by 1.06 per cent

Transactions on the equities sector of the Nigerian Stock Exchange (NSE), continued downward, as more blue-chip stocks depreciated in price, resulting to a further decline in the All-Share Index (ASI) by 1.06 per cent.
 
In summary, the ASI shed 254.93 absolute points or 1.06 per cent to close at 23,695.90 points. Similarly, the overall market capitalisation lost N133billion to close at N12.349trillion.
 
The down trend was impacted by losses recorded in large and medium capitalised stocks, amongst which were; Dangote Cement, MTN Nigeria Communications, BUA Cement, Caverton Offshore Support Group, and Arbico Plc.
 
Analysts at Afrinvest Limited, said: “We maintain our expectation of a mixed performance in the near-term.”
 
Vetiva Capital also said: “With the declining activity level coupled with the negative market breadth posted today, we envisage a continued bearish pattern. However, recoveries in any of today’s heavyweight decliners might support a positive close.” 
 
Market breadth closed negative, with 14 gainers versus 15 losers. Neimeth International Pharmaceuticals recorded the highest price gain of 10 per cent to close at 66 kobo per share.
 
NPF Microfinance Bank followed with 9.76 per cent to close at N1.35, and Eterna rose 9.44 per cent to close at N2.55, per share.
McNichols Plc edged up 8.70 per cent to close at 50 kobo, while C&I Leasing appreciated by 6.25 per cent to close at N5.10, per share.
 
On the other hand, Caverton Offshore Support Group led the losers’ chart by 10 per cent to close at N2.43 per share. Arbico Plc followed with 9.73 per cent to close at N2.32, and Afromedia Plc lost 8.82 per cent to close at 31 kobo, per share.
 
Lasaco Assurance dipped 7.41 per cent to close at 25 kobo, while Wapic Insurance shed 6.67 per cent each to close at 28 kobo, per share.
The total volume traded declined by 24 per cent to 115.746 million shares worth N1.675billion, traded in 4,005 deals.
 
Transactions in the shares of FBN Holdings topped the activity chart with 27.845 million shares valued at N133.592million. UAC of Nigeria (UACN) followed with 16.621 million shares worth N114.710million, and Guaranty Trust Bank traded 14.971 million shares at N314.694 million.
 
Zenith Bank traded 9.172 million shares valued at N138.342million, while Mutual Benefits Assurance transacted 8.054 million shares worth N1.611million.