How profit-taking in Tier-1 banks, other shares dipped equities market by 0.08%

Stock Exchange

The Equities market of the Nigerian Stock Exchange (NSE) on Tuesday dipped further into the trading week by 0.08 per cent as investors’ sell-off Tier-1 banks, consumer goods shares.

For instance, the NSE All-Share Index dropped to 27,547.56 basis points on Tuesday from 27,570.94 basis points,it closed on Monday.

Consequently, the Month-to-date loss increased to 4.4per cent, while the Year-to-Date gain moderated to 2.6per cent.

The market capitalization was capped at N14.347trillion on Tuesday, dropping N11 billion from N14.358 trillion the market closed the previous day.

On sector performance, the Banking (-0.5per cent) and Consumer Goods (-0.01per cent) indices declined, while the insurance (+0.2per cent) index gained. The Industrial Goods and Oil and Gas indices closed flat. Our correspondent gathered that the share price of FBN Holdings depreciated by 2.52 per cent to close at N5.80 from N5.95 while United Bank for Africa plc witness a decline of 1.95 per cent to N7.55 from N7.70 the market closed on Monday.

Guaranty Trust Bank plc also depreciated by 0.52 per cent to N28.85 from N29 as zenith Bank plc’s share down by 0.51 per cent to close at N19.50 from N19.60 it closed on Monday.

Moreover, the total volume of trades increased by 24.9per cent to 168.07 million units, valued at N2.16 billion and exchanged in 3,075 deals.

Zenith Bank plc was the most traded stock by volume and value at 48.99 million units and N953.24 million, respectively.

Market sentiment, as measured by market breadth, was negative (0.9x), as 13 tickers declined, relative to 12 gainers.

Law & Union plc top the losers’ chart on Tuesday, dropping 4.81 per cent to N0.99 from N1.04, followed by Japaul Oil that depreciated by 4.76 per cent to N0.20 from N0.21. Courtville Business Solutions down by 4.55 per cent to N0.21 from N0.22 while Linkage Assurance plc dropped by 4.35 per cent to N0.44. In addition to the losers table, Vitafoam Plc sheds 3.19 per cent to close at N4.55 from N4.70 it closed on Monday.

On the flip side, Wapic Insurance plc gained 0.33 per cent from N0.30 to N0.33 as UAC-Property added 10 per cent from N0.90 to N0.99 on Tuesday. CI Leasing advanced by 7.41 per cent to N5.80 from N5.40 while Neimeth Pharmaceutical Plc added 6.67 per cent to N0.48 from N0.45. However, Jaiz Bank plc appreciated by 4.41 per cent from N0.68 to N0.71 on Tuesday.  

At the close of Tuesday’s trading session, The NASD-OTC market characterized by over the counter transaction recorded a depth from four shares with a total volume of 154,625 units worth 3,307,459 million naira in 13 deals.

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