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Nigeria’s equity market declines marginally as investors book profit in UBA, others shares

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By Ifeyinwa Ezeokoli 

Activities in the nation’s bourse kicked off the week on Monday on a negative mood following profit taking witnesses in United Bank for Africa (UBA) and 21 other stocks, ahead of the second Monetary Policy Committee (MPC) meeting.

Consequently, trading sustained its losing streak for the third consecutive session with the All-Share Index dropping 30.74 points or 0.07 percent to close at 47,251.93.

The market cap of equities listed on the NGX decreased to N25.466 trillion from N25.483 trillion as on the previous close. The total volume traded closed with an exchange of 213.570 million units valued at N2.68 billion traded in 4,485 deals.

The market breadth was negative with 15 gainers as against 22 losers.

The NGX 30 Index marginally decreased by 0.09 percent to close at 1,815.10 points as against 1,816.79 points on the previous close.

Market turnover closed with a traded volume of 133.83 million units. Guinness and Fidelity were the key gainers, while Nascon and Sterling were the key losers.

Accordingly, the month-to-date and year-to-date returns moderated to -0.3 per cent and +10.6 per cent, respectively.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Berger Paints Nigeria, UAC of Nigeria (UACN), NASCON, United Capital and Eterna.

This week, GTI Securities Limited said: “the equity market maintained its negative trend from last week as economic conditions continue to cloud market sentiments. 

“A mounting debt profile, shrinking government revenue, and potential currency devaluation continue to fuel an exodus from risky assets in search of more stable investment options. 

“Investors will be looking forward to the outcome of the MPC meeting tomorrow to determine the next moves.”

Accordingly, market breadth was negative with 22 laggards against 15 gainers. 

Guinness Nigeria recorded the highest price gain of 10 per cent to close at N71.5, per share. 

Royal Exchange  followed with a gain of 8.33 per cent to close at N1.30 and Mutual Benefits Assurance up by 8.00 per cent to close at 27k per share.

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Lasaco Assurance rose by 6.00 per cent to close at N1.06, while livestock Feeds gained 5.63 per cent to close at N1.69 per share. 

On the other hand, R.T. Briscoe Nigeria led the losers’ chart by 10 per cent to close at 72k per share.

Berger Paints Nigeria followed with 9.64 per cent to close at N7.50, while Ikeja Hotel lost 8.76 per cent to close at N1.25 per share. 

Champion Breweries declined 8.07 per cent to close at N2.05, while UACN Property Development Company (UPDC)  shed 8 per cent to close at 92k per share.

Also, the total volume traded declined by 60.4 per cent to 213.57 million units valued at N2.68 billion in 4,485 deals.

This was against 239.73 million shares worth N3.89 billion achieved in 3,848 deals on Friday.

Transactions in the shares of Access Bank topped the activity chart with 27.19 million shares valued at N265.42 million. 

Zenith Bank followed with 19.93 million shares worth N534.68 million, while UBA traded 18.74 million shares valued at N145.04 million.

Guaranty Trust Bank Holding Company traded 18.41 million shares valued at N482.36 million, while Transcorp transacted 15.12 million shares worth N17.07 million.

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