Investors’ profit-taking activities in Guaranty Trust Holding Company (GTCO), Zenith Bank Plc, Dangote Sugar Refinery, and 40 others depreciated the Nigerian Exchange Limited (NGX) stock market by N464billion in market capitalisation.
As GTCO dropped by 8.6 per cent and Zenith Bank declined by 5.8per cent, the NGX All-Share Index (ASI) depreciated by 847.16 basis points or 1.24 per cent to close at 67,296.18 basis points from 68,143.34 basis points.
Consequently, the overall market capitalisation dropped by N464 billion to close at N36.832 trillion from N37.295trillion it opened for trading.
Investor sentiment, as measured by market breadth closed negative as 16 stocks advanced while 43 declined. Northern Nigeria Flour Mills (NNFM) emerged the highest price gainer of 9.96 per cent to close at N13.25, per share. Oando followed with a gain of 9.74 per cent to close at N8.45, while CWG Plc advanced by 9.00 per cent to close at N6.30, per share.
NPF Microfinance Bank increased by 8.20 per cent to close at N1.98, while R.T. Briscoe Nigeria added 7.32 per cent to close at 44 kobo, per share.
On the other side, eTranzact International, NASCON Allied Industries and Secure Electronic Technology led others on the losers’ chart with 10 per cent each to close at N9.00, N52.20 and 27 kobo respectively, per share. Dangote Sugar Refinery followed with a decline of 9.98 per cent to close at N57.75, while Learn Africa shed 9.86 per cent to close at N3.29, per share.
The total volume traded increased by 7.58 per cent to 520.133 million units, valued at N8.334 billion, and exchanged in 9,914 deals. Transactions in the shares of United Bank for Africa (UBA) led the activity with 73.932 million shares worth N1.050 billion. Access Holdings followed with account of 57.669 million shares valued at N957.324 million, while Transnational Corporation (Transcorp) traded 52.725 million shares valued at N331.529 million.
Zenith Bank traded 43.129 million shares worth N1.523 billion, while FBN Holdings (FBNH) traded 26.574 million shares worth N480.793 million.
Looking ahead, annalysts at United Capital Plc said “we foresee investors sentiment tilted more toward listed corporates with strong and pending corporate actions. Investors will look to take positions across listed Tier-one banks that are yet to release their H1, 2023 financials.
“Overall, we expect a group of investors to remain tilted toward the money market, in a bid to take advantage of the elevated interest rate. This will be translated into pockets of bearish sentiments. However, fund managers and risk-inclined investors may continue cherry-picking stocks with strong fundamentals and improved dividend yield.”