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Nigeria’s equity market declines N63 bln on profit taking

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By Ifeyinwa Ezeokoli

The Nigerian equities market commenced trading for the week on Monday on a bearish mood as the market declined by 0.15 percent on profit-taking in 18 stocks.

The All-Share Index decreased by 70.37 points or 0.15 percent to close at 46,893.86 compared with 46,964.23 the index closed on Friday. 

The market cap of equities listed on the NGX decreased to N25.273 trillion from N25.311 trillion as on the previous close.

The total volume traded closed with an exchange of 359.890 million units valued at N2.61 billion traded in 5,163 deals. However, the market breadth was neutral with 18 gainers as against 18 losers.

Accordingly, the month-to-date loss increased to 1.1 percent, while the year-to-date return moderated to 9.8 per cent.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Zenith Bank, Ardova, FBN Holdings, FCMB Group and Learn Africa.

GTI Securities Limited said that “The week starts off with a reverse of the last trading session, as sell-off persists across all sectors. 

“We expect this to continue this week, with uncertainties hovering around the equity market.”

United Capital also said “This week, we expect to see continued profit-taking on positions that have appreciated while investors reduce market exposure as dividend season gradually draws to a close. 

“We retain a preference for investors to continue to seek selling opportunities to reduce exposure to the domestic equities market.” 

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Market sentiment, as measured by market breadth, closed at par with18 gainers and 18 losers. 

Learn Africa led the losers’ chart in percentage terms by 9.68 per cent to close at N1.96 per share. 

Unity Bank followed with a decline of 8.16 per cent to close at 45k, while Caverton Offshore Support Group depreciated by 7.09 per cent to close at N1.18 per share.

FCMB Group lost 6.89 per cent to close at N3.11

Transcorp shed 6.54 per cent to close at N1 per share.

Conversely, Beta Glass led the gainers’ chart in percentage terms with 9.92 per cent to close at N58.20 per share. 

PZ Cussons followed with a gain 9.68 percent to close at N10.20, while Livestock Feeds appreciated by 9.03 per cent to close at N1.69 per share.

Linkage Assurance went up by eight per cent to close at 54k, while Jaiz Bank appreciated by 6.06 per cent to close at 70k per share. 

However, the total volume traded rose by 103.2 per cent to 359.890 million shares, worth N2.611 billion and traded in 5,163 deals. 

This was in contrast with 177.09 million shares valued at N4.18 billion in 3,873 deals on Friday.

Transactions in the shares of Transcorp topped the activity chart with 92.001 million shares valued at N92.76 million.

Sterling Bank followed with 50.74 million shares worth N76.62 million, while Fidelity Bank traded 46.68 million shares valued at N153.61 million.

Linkage Assurance traded 30.51 million shares worth N15.27 million, while Access Holdings transacted 15.46 million shares worth N156.40 million.

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