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HomeBusinessNigeria's equity market declines N47 bln on profit taking

Nigeria’s equity market declines N47 bln on profit taking

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By Ifeyinwa Ezeokoli 
The Nigerian equities market resumed for the week after the Democracy Day celebration on Tuesday on a negative note with a N47 billion loss as profit-taking dominated trading activities.
Thus, the All-Share Index (ASI) decreased by 87.74 points representing a dip of 0.16 per cent to close at 53,113.64 points. 
Consequently, the month-to-date and year-to-date gains moderated to 0.2 per cent and 24.3 per cent, respectively.
Similarly, the market capitalisation lost N47 billion to close at N28.634 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Chemical Allied Products (CAP), Stanbic IBTC Holdings, Guaranty Trust Holding Company (GTCO), Lafarge Africa and Dangote Sugar Refinery. 
On market outlook, GTI Securities Limited said “Equity market closed negative, as investors await tomorrow’s fed decision on interest rates.  We expect cautious trading and profit-taking to continue during the week.”
Market breadth closed negative with 24 losers against nine gainers. 
CAP led the losers’ chart in percentage terms by 9.93 per cent to close at N18.15 per share.
Caverton Offshore Support Group followed with 7.83 per cent to close at N1.06, while Livestock Feeds went down by 6.25 to close at N1.50 per share. 
Transcorp lost 5.7 per cent to close at N1.31, while Champion Breweries shed 4.63 per cent to close at N3.50 per share.
Conversely, Learn Africa led the gainers’ chart in percentage terms with 9.72 per cent to close at N2.37 per share.
SUNU Assurance followed with 9.38 per cent to close at elk, while Wapic Insurance appreciated  by five per cent to close at 42k per share.
FBN Holdings went up by 2.94 per cent to close at N10.50, while Sterling Bank appreciated by 1.97 per cent to close at N1.55 per share. 
However, the total volume traded rose 9.79 per cent to 299.995 million shares, worth N3.10 billion and traded in 5,394 deals. 
Transactions in the shares of FCMB Group topped the activity chart with 52.08 million shares valued at N182.26 million. 
United Bank for Africa (UBA) followed with 47.73 million shares worth N365.35 million, while Transcorp traded 39.34 million shares valued at N52.23 million.
Access Holdings traded 30.10 million shares valued at N293.98 million, while GTCO transacted 20.42 million shares worth N446.15 million

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