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Profit taking in Nigerian Breweries drags down equity market index as Naira falls

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By Ifeyinwa Ezeokoli 

Activities in the domestic equities market resumed the week on Monday on a negative note, as investors booked profit from gains in the stocks of the Nigerian Breweries.

Thus, the All-Share Index decreased by 38.22 points or 0.07 per cent to 51,791.45.

Accordingly, the month-to-date loss settled at -0.1 per cent, while the year-to-date return moderated to 21.2 per cent.

Similarly, the market capitalisation lost N21 billion to close at N27.921 trillion compared with N27.942 trillion previously.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Conoil, Lafarge Africa, Red Star Express and Cutix Plc.

GTI Securities Limited noted that “Equity market closed transaction for yesterday negative, as bargain hunting resumes. We expect cautious trading to continue in the week.”

Consequently, market breadth closed negative with 18 losers versus 17 gainers.

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Conoil led the losers’ chart in percentage terms by 9.90 per cent to close at N25.95.

R.T. Briscoe Nigeria and Red Star Express followed with a decline of 9.09 per cent each to close at 40k and N2.50 per share, respectively.

Cutix lost 7.69 per cent to close at N2.28, while Unity Bank shed 6.69 per cent to close at 42k per share.

Conversely, Fidson Healthcare dominated the gainers’ chart in percentage terms with 9.82 per cent to close at N12.30 per share.

Learn Africa followed with a gain 9.78 per cent to close at N2.47, while UACN Property Development Company rose by 9.71 per cent to close at N1.13 per share.

Prestige Assurance rose by 8.33 per cent to close at 37k, while Regency Alliance Insurance appreciated by 7.69 per cent to close at 28k per share.

However, the total volume traded rose by 52.82 per cent with an exchange of 194.12 million shares worth N2.82 billion traded in 4,899 deals.

Transactions in the shares of Transcorp topped the activity chart with 25.07 million shares valued at N31.77 million.

Guaranty Trust Holding Company (GTCO) followed with 20.18 million shares worth N413.02 million, while United Bank for Africa (UBA)  traded 17.59 million shares valued at N131.22 million.

AIICO Insurance sold 13.61 million shares valued at N8.32 million, while FBN Holdings transacted 11.63 million shares worth N131.92 million.

On the money market, the Overnight (O/N) rate remained unchanged at 14.00 per cent, while the Open Repo (OPR) decreased by 0.17 per cent to close at 13.83 per cent against the last close of 14.00 per cent.

At the I&E FX market, the Naira depreciated by 0.18 per cent as the dollar was quoted at N425.75 as against the last close of N425.00.

Most participants maintained bids between N411.10 and N444.00 per dollar.

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