Renewed profit-taking drags index by 0.13 per cent
Renewed profit taking in the shares of some blue chip companies, especially Academy Press and Neimeth International dragged the All-share Index (ASI) by 0.13 per cent.
At the close of trading yesterday, the ASI decreased by 35.46 absolute points, representing a decline of 0.13 per cent to close at 27,646.15 points. Similarly, the market capitalisation lost N17 billion, and closed at N13.458 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are: Guaranty Trust Bank, Zenith Bank, Access Bank, Cutix and United Bank for Africa (UBA).
Analysts at Afrinvest Limited said “going forward, we maintain our bearish stance for the equities market in the absence of any major catalyst.”
However, market breadth was positive, with 23 gainers versus 16 losers. Consolidated Hallmark Insurance recorded the highest price gain of 10 per cent, to close at 33 kobo, per share.
UAC of Nigeria (UACN) followed with a gain of 9.93 per cent to close at N7.75, while Linkage Assurance rose by 9.80 per cent to close at 56 kobo per share.
Continental Reinsurance went up by 9.79 per cent to close at N1.54, while PZ Cussons Nigeria appreciated by 9.30 per cent to close at N7.05 per share.
On the other hand, University Press led the losers’ chart by 8.70 per cent, to close at N1.05 per share. Neimeth International Pharmaceuticals followed with a decline of 8.33 per cent to close at 44 kobo, per share.
Cutix depreciated by 7.79 per cent to close at N1.42, while Associated Bus Company and Chams declined by 7.69 per cent each to close at 36 kobo and 24 kobo, respectively, per share.
Total volume traded fell by 35.2 per cent to 245.44 million shares, worth N1.67 billion, and traded in 3,450 deals. Transactions in the shares of FBN Holdings topped the activity chart with 71.52 million shares valued at N390.06 million.
Sterling Bank followed with 61.56 million shares worth N135.43 million, while UBA traded 12.91 million shares valued at N80.98 million.
Guaranty Trust Bank traded 9.2 million shares valued at N268.88 million, while Lafarge Africa sold 9.14 million shares worth N140.35 million.