Investors Lose N19.49bn on Profit-Taking in Presco, 20 Other Stocks

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Kayode Tokede

Trading in the stock market of the Nigerian Exchange Limited (NGX) commenced the week yesterday with negative sentiments amid investors profit-taking in Presco Plc and 20 others.

Specifically, the NGX All-Share Index (ASI) dropped by 37.35 basis points or 0.09 per cent, to close at 43,270.94 basis points from 43,308.29 basis points.

Consequently, the overall market capitalisation value dropped by N19.49 billion to close at N22.579 trillion from N22.598 trillion the market opened for trading this week.

Analysing by sectors, the Oil & Gas dropped by 0.6 per cent, Consumer Goods depreciated by 0.2 per cent, and Banking also down by 0.2 per cent indices declined while the Insurance gained 0.8 per cent index was the sole gainer of the day.

As measured by market breadth, market sentiment was negative, as 21 stocks lost relative to 14 gainers.

AIICO Insurance recorded the highest price gain of 8.57 per cent to close at 76 kobo, per share. LivingTrust Mortgage Bank followed with a gain 7.95 per cent to close at 95 kobo, while Veritas Kapital Assurance went up by 4.76 per cent to close at 22 kobo, per share.

Associated Bus Company rose by 3.03 per cent to close at 34 kobo, while Courteville Business Solutions gained 2.56 per cent to close at 40 kobo, per share.

On the other hand,UACN Property Development Company (UPDC) led the losers’ chart by 9.92 per cent to close at N1.18, per share. UPDC Real Estate Investment Trust followed with a decline of 9.90 per cent to close at N4.55, while Consolidated Hallmark Insurance lost 7.27 per cent to close at 51 kobo, per share.

Regency Alliance Insurance lost 4.76 per cent to close at 40 kobo, while Wapic Insurance and International Breweries shed four per cent each to close at 48 kobo and N4.80 respectively, per share.

The total volume of trades declined by 30.2 per cent to 213.126 million units, valued at N2.360 billion, and exchanged in 4,105 deals. Transactions in the shares of FCMB Group topped the activity chart with 58.454 million shares valued at N179.918 million. AIICO Insurance followed with 13.507 million shares worth N10.387 million, while Zenith Bank traded 12.778 million shares valued at N308.695 million.

Guaranty Trust Holding Company (GTCO) traded 12.389 million shares valued at N309.673 million, while Access Bank transacted 10.903 million shares worth N98.519 million.

Analysts at Afrinvest Limited anticipated a mixed market performance in the next trading session due to the weak investor sentiment.