Stock Market Down 0.22%on Profit-taking in GTCO, 17 Others

Kayode Tokede

Investors’ profit-taking in Guaranty Trust Holding Company (GTCO), Stanbic IBTC Holdings, UPDC Real Estate Investment Trust, Zenith Bank, Ecobank Transnational Incorporated (ETI), and 13 other stocks on the Nigerian Exchange Limited (NGX) depreciated the stock market by 0.22 per cent.

In summary, the NGX All-Share Index (ASI) dropped by 93.60 basis points, representing a decrease of 0.22 per cent, to close at 42,317.52 basis points. Similarly, the overall market capitalisation value declined by N49 billion to close at N22.081 trillion.

Consequently, the Month-to-Date loss increased to -2.2per cent, while the Year-to-Date gain moderated to +5.1per cent.

As measured by market breadth, market sentiment remained negative, as 18 stocks lost relative to 13 gainers. Custodian Investment recorded the highest price gain of 9.86 per cent, to close at N7.80, per share. Royal Exchange followed with a gain 8.62 per cent to close at 63 kobo, while Meyer Plc appreciated by 8.33 per cent to close at 39 kobo, per share.

Unity Bank went up by 6.82 per cent to close at 47 kobo, while UACN appreciated by 6.52 per cent, to close at N9.80, per share. On the other hand, UPDC Real Estate Investment Trust led the losers’ chart by 6.67 per cent to close at N4.20, per share. Japaul Gold and Ventures followed with a decline of 5.13 per cent to close at 37 kobo, while Caverton Offshore Support Group lost 4.62 per cent to close at N1.65, per share.

GTCO shed 3.85 per cent to close at N25.00, while ETI depreciated by 2.69 per cent to close at N9.05, per share.

However, the total volume traded increased by 17.6 per cent to 270.093 million units, valued at N2.299 billion, and exchanged in 3,753 deals. Transactions in the shares of Access Bank topped the activity chart with 55.041 million shares valued at N497.742 million. Universal Insurance followed with 53.158 million shares worth N10.632 million, while Unity Bank traded 25.225 million shares valued at N11.877 million.

FBN Holdings (FBNH) traded 21.102 million shares valued at N252.451 million, while International Breweries transacted 20.149 million shares worth N98.712 million.

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