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Renewed profit taking drags capitalisation by N127 billion

By Helen Oji
28 October 2022   |   4:00 am
After days of some upward movement, the bears upstaged the bulls yesterday, following renewed profit taking embarked upon by investors on the Nigerian Exchange Limited (NGX), causing market capitalisation to decline by N127 billion. At the close of transactions yesterday, the market capitalisation of listed equities declined by 0.52 per cent to N24.306 trillion from…

NGX Group building

After days of some upward movement, the bears upstaged the bulls yesterday, following renewed profit taking embarked upon by investors on the Nigerian Exchange Limited (NGX), causing market capitalisation to decline by N127 billion.

At the close of transactions yesterday, the market capitalisation of listed equities declined by 0.52 per cent to N24.306 trillion from N24.433 trillion recorded the previous day.

The NGX All Share Index also depreciated by 234.60 absolute points to 44625.18 points from 44859.78 points traded the previous day.

Investors traded 150.973 million shares valued at N1.554 billion against 93.514 million shares worth N3.383 billion in 3187 deals.

Vetiva Dealings and Brokerage said: “As Q3 results take center stage, we have started to see these numbers dictate market performance and we expect to see this trend close out the week.”

On the price movement chart, Regal Insurance led gainers’ chart, increasing by 8.70 per cent to close at 25 kobo while Sovereign Trust Insurance followed with a gain of eight per cent to close at 27 kobo. Japaul Gold added 7.41 per cent to close at 29 kobo. Cornerstone Insurance increased by 4.17 per cent to close at 50 kobo.

UACN appreciated by 4.07 per cent to close at N8.95 kobo while Mutual Benefit gained 3.57 per cent to close at 29 kobo. Zenith Bank garnered 2.55 per cent to close at N20.10 kobo.

United Bank for Africa added 1.42 per cent to close at N7.15 kobo. Sterling Bank gained 67 per cent to close at N1.51 kobo. Nigerian Breweries also garnered 12 per cent to close at N41.85 kobo.

However, PharmDeko emerged the day’s highest price loser, shedding 9.76 per cent to close at N1.85 kobo. Linkage Assurance trailed with a loss of 9.30 per cent to close at 39 kobo.

Wapic Insurance was down by 8.33 per cent to close at 33 kobo. ABC Transport dipped by 7.41 per cent to close at 25 kobo while AIICO Insurance dropped 3.45 per cent to close at 50 kobo.

Airtel Afr lost 2.83 per cent to close at N1,275 while GEREGU shed 1.72 per cent to close at N114. GTCO dropped 1.10 per cent to close at N18. African Prudential depreciated by 96 per cent to close at N5.15 kobo.

Mutual Benefits Assurance was the most active stock during the day, exchanging 47.845 million shares valued at N13.405 million, Pharm Deko followed with an account of 22.636 million shares worth N41.878 million.

Fidelity Bank traded 8.978 million shares valued at N30.050 million, while Access Bank exchanged 7.004 million shares worth N54.181 million.