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NSE: Market value drops to N12.9tr as investors take profit

Nigerian equities market, closed Tuesday on a negative note, as investors delved deeper into the profit-taking trend, which commenced at the beginning of the week.

The price movement chart, which showed market closed with just 11 gainers to 35 losers, revealed most transactions closed the day at lower prices.

The market capitalization fell by N294.5billion in the course of the day’s trading activities, to close at N12.786trillion, as against its opening value of N13.081trn.

The All- Share Index (ASI), similarly dropped from its opening value of 37,950.96 points to close at 37,096.60 points, representing a decline of 854.36 points or 2.25 per cent, depressing the year-to-date return to 38.96 per cent.

All sectoral indices closed in the red. The NSE Industrial Goods Index declined by 4.15 per cent. The NSE Banking Index dropped by 1.25 per cent, while the NSE Consumer goods depreciated by 1.02 per cent. The NSE Insurance Index and NSE Oil & Gas Index depreciated by 0.39 respectively.

Morison Industries led the decliners with a loss of 8.16 per cent to close at 90 kobo. PZ and Stanbic declined by 5 per cent each to close at N25.65 and N38.95. Nascon Allied Industries dropped by 4.96 per cent to close at N11.69; and CCNN dipped 4.96 per cent to close at N10.15.

On the positive, Glaxosmithkline and Berger Paints led the advancers with a gain of 5 per cent each to close at N21 and N7.14 respectively. Goldbrew rose by 4.71 per cent to close at 89 kobo. Conoil added 3.99 per cent to close at N33.89 and Learn Africa gained 3.80 per cent to close at 82 kobo.

Total value of shares sold by investors in 5,285 deals stood at 391.6mn units, up 24 per cent from 316.12mn shares traded in 4,113 deals on Monday. The shares were valued at N5.4bn against previous day’s value of N4.22bn.

Banking stocks dominated the activities chart with Access Bank the most active stock, following the sale of 179.3mn shares valued at N1.87bn. Zenith Bank followed with a turnover of 40.1mn shares worth N937.3bn while UBA placed third with 24.9mn shares valued at N233.6mn.

FBN Holdings and Guaranty were fourth and fifth on the activity chart with the sale of 22.1mn shares and 11.9mn shares worth N133.8mn and N461.6m, respectively.

Afolabi Adesola

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