Stock Market Close Lower on Profit-Taking by Investors

Stock Market Close Lower on Profit-Taking by Investors

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) closed on a negative note yesterday on the back of profit-taking by investors.

In summary, the NGX All-Share Index (ASI) dropped by 22.89 basis points, representing a decrease of 0.05 per cent, to close at 43,248.05 points. Similarly, the overall market capitalisation declined by N12 billion to close at N22.567 trillion.

Sectoral performance on the Exchange was mixed as the Insurance (+1.6 per cent) and Banking (+0.3 per cent) indices gained while the Oil & Gas (-0.4 per cent) and Consumer Goods (-0.2 per cent) indices recorded declines. The Industrial Goods index closed flat.

As measured by market breadth, market sentiment remained negative, as 24 stocks lost relative to 12 gainers. AIICO Insurance recorded the highest price gain of 9.21 per cent, to close at 83 kobo, per share. Access Bank followed with a gain 4.40 per cent to close at N9.50, while Wapic Insurance appreciated by 4.17 per cent to close at 50 kobo, per share.

Ecobank Transnational Incorporated (ETI) went up by 3.73 per cent to close at N8.35, while FCMB Group appreciated by 3.33 per cent, to close at N3.10, per share. On the other hand, UPDC Real Estate Investment Trust led the losers’ chart by 9.89 per cent, to close at N4.10, per share. Ikeja Hotel followed with a decline of 9.63 per cent to close at N1.22, while UACN Property Development Company (UPDC) lost 9.32 per cent to close at N1.07, per share.

Chams shed 9.09 per cent to close at 20 kobo, while Union Bank of Nigeria (UBN) depreciated by 6.19 per cent to close at N4.55, per share.

The total volume of trades increased by 5.5 per cent to 224.910 million units, valued at N3.708 billion, and exchanged in 4,331 deals. Transactions in the shares of Access Bank topped the activity chart with 42.181 million shares valued at N389.703 million. Zenith Bank followed with 38.967 million shares worth N935.404 million, while FBN Holdings (FBNH) traded 16.894 million shares valued at N198.727 million.

GTCO traded 16.671 million shares valued at N413.979 million, while AIICO Insurance transacted 12,856 million shares worth N10.513 million.

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