Stock Market Drops by N121bn on Profit-taking in Lafarge, Others

Kayode Tokede

The Nigerian stock market yesterday depreciated during the midweek session as investors  profit-taking in Lafarge Africa Plc and  20 others triggered N121 billion loss.

As Lafarge Africa dropped by 2.14per cent to close at N137.00 per share, the Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 191.09  basis points or 0.13 per cent  to close at 145,864.80  basis  points from 146,055.89 basis points it opened for trading.

Similarly, the overall market capitalisation value shed N121 billion to close at N92.284 trillion from N92.405 trillion it closed for trading the previous day.

Despite the overall dip, market breadth turned positive with 53 gainers against 21 losers, reflecting sustained buying interest from bargain hunters even amid profit-taking pressure. FTN Cocoa Processors, Learn Africa, Prestige Assurance, R.T. Briscoe, Tripple Gee & Company and Caverton Offshore Support Group recorded the highest price gain of 10 per cent each to close at N6.93, N7.70, N2.42, N3.74, N5.17 and N7.92 respectively, per share.

AXA Mansard Insurance followed with a gain of 9.99 per cent to close at N19.48, while Ellah Lakes and Consolidated Hallmark Holdings up by 9.96 per cent each to close at N17.66 and N5.63 respectively, per share.

On the other hand, Thomas Wyatt Nigeria led the losers’ chart by 10 per cent to close at N3.42, per share. UPDC followed with a decline of 7.94 per cent to close at N8.00, while Legend Internet lost 6.35 per cent to close at N5.60, per share.

Berger Paints down by 6.16 per cent to close at N32.00, while Champion Breweries declined by 5.75 per cent to close at N16.38, per share.

The total volume traded advanced by 5.06 per cent to 1.342 billion units, valued at N20.215 billion, and exchanged in 30,749 deals. Transactions in the shares of Universal Insurance topped the activity chart with 193.435 million shares valued at N282.415 million. Japaul Gold and Ventures followed with 123.163 million shares worth N389.976 million, while Veritas Kapital Assurance traded 93.216 million shares valued at N260.054 million.

Access Holdings traded 84.985 million shares valued at N2.347 billion, while Sterling Financial Holdings Company transacted 68.202 million shares worth N552.619 million.