Profit-taking slows rally, capitalisation loses N430 billion

After recording close to 12 per cent gain in the last two weeks, profit-taking by investors on the Nigerian Exchange Limited (NGX) dragged market capitalisation by N430 billion.

The All Share Index (ASI) was down by 789.89 points, representing a loss of 1.32 per cent to close at 59,195.21 points. Also, market capitalisation declined by N430 billion to close at N32.232 trillion.

The downtrend was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), Nigerian Breweries, Guaranty Trust Holding Company (GTCO), Zenith Bank and Access Holdings.

As measured by market breadth, market sentiment was negative, as 40 stocks lost relative to 36 gainers.
SUNU Assurance led the losers’ chart by 10 per cent, to close at 45 kobo. Cornerstone Insurance followed with a decline of 9.73 per cent to close at N1.02 kobo while McNichols Consolidated declined by 9.33 per cent to close at 68 kobo.
Access Holdings depreciated by 9.24 per cent to close at N14.25, while RT Briscoe Nigeria declined by 8.82 per cent to close at 31 kobo.

Tantalisers shed 8.70 per cent to close at 21 kobo. TIP lost 8.51 per cent to close at 43 kobo. Chams declined by eight per cent to close at 46 kobo. ABC Transport shed 7.69 per cent to close at 36 kobo. African Prudential dropped 7.41 per cent to close at N6.25 kobo. First City Monument Bank also shed 7.41 per cent to close at N5.

On the other hand, MRS Oil Nigeria, TotalEnergies Marketing Nigeria and Transcorp Hotel recorded the highest price gain of 10 per cent each to close at N68.75, N336.70 and 13.31 respectively, per share. Ikeja Hotel followed with a gain of 9.97 per cent to close at N3.31, while E-Tranzact International rose by 9.92 per cent to close at N5.32 kobo.
Guinness gained 9.90 kobo to close at N77.70 kobo. Northern Nigeria Flour Mills added 9.88 per cent to close at N13.70 kobo. Sterling Bank rose by 9.82 per cent to close at N3.02 kobo.

CWG increased by 9.82 per cent to close at N1.79 kobo. FTN Cocoa also appreciated by 9.82 per cent to close at N1.23 kobo.

The total volume of trade declined by 9.8 per cent to 1.17 billion units, valued at N15.359 billion, and exchanged in 12,611 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 192.833 million shares valued at N2.345 billion.

Access Holdings followed with 121.538 million shares worth N1.962 billion, while Fidelity Bank traded 102.639 million shares valued at N726.741 million.
GTCO traded 99.848 million shares valued at N3.326 billion, while Sterling Financial Holdings Company sold 79.278 million shares worth N238.315 million.