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HomeBusinessNigeria's bourse declines 0.33% as book profit on MTN, other stocks

Nigeria’s bourse declines 0.33% as book profit on MTN, other stocks

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By Ifeyinwa Ezeokoli 

The Nigerian equities market resumed the new week on Monday still on a negative note following profit-taking witnessed in MTNN and other blue chips stocks as the market index declined by 0.33 per cent.

The NGX All-Share Index (ASI) depreciated by 155.01 points to close at 46,687.85 from 46,842.86 posted on Friday.

The market capitalisation of equities listed on the NGX decreased to N25.170 trillion from N25.253 trillion as on the previous close.

The total volume traded closed with an exchange of 219.496 million units valued at N1.93 billion traded in 5,168 deals. However, the market breadth was positive with 22 gainers as against 19 losers.

Accordingly, the month-to-date and year-to-date returns printed -0.6 per cent and +9.3 per cent, respectively.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Guinness, Lafarge Africa, PZ Cussons Nigeria and FBN Holdings.

This week, analysts at United Capital Plc said that: “We expect the equities market to remain relatively lull as investors continue to take profits off the table, especially in the absence of any expected positive trigger.

“However, we note that the market is approaching oversold territory which could spark some short-term bargain hunting. We retain a preference for investors to continue to seek selling opportunities to reduce exposure to the domestic equities market.”

Red Star Express recorded the highest price gain of 10 per cent to close at N2.97 per share.

Nigerian Aviation Handling Company (NAHCO) followed with a gain 9.79 per cent to close at N4.71, while Meyer Plc gained 9.72 per cent to close at 79k per share.

Veritas Kapital Assurance appreciated by 9.52 per cent to close at 23k, while UACN Property Development Company (UPDC) gained 9.21 per cent to close at 83k per share.

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On the other hand, Regency Alliance Insurance led the losers’ chart in percentage terms by 9.68 per cent to close at 28k per share.

Japaul Gold and Ventures followed with 8.82 per cent to close at 31k, while Wapic Insurance shed 6.82 per cent to close at 41k per share.

Linkage Assurance shed six per cent to close at 47k, while Jaiz Bank depreciated by 5.71 per cent to close at 66k per share.

Also, the total volume of trades declined by 14.7 per cent with 219.49 million shares valued at N1.93 billion exchanged in 5,168 deals.

This against 257.33 million shares valued at N2.86 billion in 4,586 deals traded on Friday.

Transcorp topped the activity chart with 28.94 million shares valued at N28.49 million.

Fidelity Bank followed with 23.53 million shares worth N79.96 million, while United Bank for Africa traded 15.09 million shares valued at N113.72 million.

Zenith Bank traded 12.58 million shares valued at N278.41 million, while Access Holdings transacted 11.96 million shares worth N116.20 million.

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