Stock Market Drops by N479bn on Profit–taking in PZ, Others
Kayode Tokede
The stock market closed on a negative note as losses in PZ Cussons Nigeria Plc and 36 others N479 billion declined in the market capitalisation.
Consequently, the Nigerian Exchange Limited All Share Index (NGX ASI) dipped by 874.00 points or 0.35 per cent to close at 246,686.66 basis points with the Month-to-Date and Year-to-Date returns moderated to -1.5per cent and +58.5per cent, respectively.
The stock market breadth remained weak, reflecting 37 decliners against 14 gainers. International Energy Insurance recorded the highest price gain of 9.86 per cent to close at N5.46, per share. Trans-Nationwide Express followed with a gain of 7.14 per cent to close at N5.10, while Neimeth International Pharmaceuticals ros by 6.80 per cent to close at N11.00, per share.
Living Trust Mortgage Bank up by 5.00 per cent to close at N4.20, while Abbey Mortgage Bank appreciated by 4.44 per cent to close at N7.05, per share.
On the other hand, PZ Cussons Nigeria and CWG led the losers’ chart by 10 per cent each to close at N88.20 and N21.60 respectively, Associated Bus Company followed with a decline of 9.95 per cent to close at N6.88, per share.
Wema Bank depreciated by 9.09 per cent to close at N30.00, while Sovereign Trust Insurance shed 8.16 per cent to close at N2.70, per share.
Meanwhile, the total volume traded declined by 47.9 per cent to 587.64 million units, valued at N23.06 billion, and exchanged in 63,954 deals. Transactions in the shares of Access Holdings topped the activity chart with 113.096 million shares valued at N2.707 billion. Zenith Bank followed with 38.091 million shares worth N4.806 billion, while Consolidated Hallmark Holdings traded 35.433 million shares valued at N243.429 million.
Neimeth International Pharmaceuticals traded 28.834 million shares valued at N298.761 million, while Sterling Financial Holdings Company sold 28.208 million shares worth N220.099 million.
On market outlook, Cowry Assets Management Limited said the market sentiment is expected to remain mixed in the next trading session.
