Stock Market Decline by N71bnonProfit-taking in Seplat, NB, Others

Kayode Tokede

Investors’ profit-taking in Seplat Energy Plc, Nigerian Breweries Plc, MRS Oil Nigeria Plc, Ecobank Transnational Incorporated (ETI), among others down the stock market of the Nigerian Exchange Limited (NGX) by N71billion yesterday.

The stock price of Seplat Energy yesterday dropped by 3.6 per cent while Nigerian Breweries Plc and ETI depreciated by 5.1 per cent and 8.57 per cent respectively.

Rhe overall market capitalisation value lost N71 billion to close at N22.494 trillion yesterday from N22.565trillion the stock market opened for trading.

Consequently, the market NGX All Share-Index yesterday fell further by 0.32 per cent to close at 43,108.77 basis points from 43,245.02 basis points amid sustained profit taking activity.

On sectors, the Insurance index appreciated by 0.6, to record the sole gain, while the Oil and Gas depreciated by 1.6, Banking also down by 1.2 per cent, and Consumer Goods declined by 1.1 per cent.

As measured by market breadth, market sentiment was negative as 24 stocks lost relative to 14 gainers. Honeywell Flour Mills recorded the highest price gain of 9.76 per cent to close at N4.05, while AIICO Insurance followed with a gain of 8.47 per cent to close at 64 kobo, per share.

Regency Alliance Insurance up by 8.33 per cent to close at 39 kobo, while Ikeja Hotel and University Press appreciated by eight per cent each to close at N1.35 and N2.70 respectively, per share.

On the other hand, MRS Oil Nigeria led the losers’ chart by 9.87 per cent to close at N13.70, per share. Chams followed with a decline of 8.70 per cent to close at 21 kobo, while ETI lost 8.57 per cent to close at N8.00, per share.

Consolidated Hallmark Insurance declined 8.06 per cent to close at 57 kobo, while Unity Bank shed 7.27 per cent to close at 51 kobo, per share.

The total volume traded increased by 9.4 per cent to 266.115 million units, valued at N4.216 billion, and exchanged in 3,905 deals.

Transactions in the shares of Honeywell Flour Mills topped the activity chart with 52.467 million shares valued at N209.572 million. Guaranty Trust Bank Holding Company (GTCO) followed with 22.958 million shares worth N578.562 million, while Zenith Bank traded 22.886 million shares valued at N559.038 million.

Transnational Corporation of Nigeria (Transcorp) traded 18.465 million shares valued at N17.728 million, while Access Bank transacted 13.938 million shares worth N127.370 million.

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