Profit-taking by investors continued on the Nigerian Exchange Limited (NGX) stock market for the second consecutive day, causing market capitalization to fall by N118.19 billion.
The stock market capitalisation, which began trading this week at N27.803 trillion, fell by 0.43 percent, or N118.19 billion, to N27.685 trillion yesterday.
The NGX All-Share Index fell 0.42 percent, or 218.40 basis points, to 51,339.01 basis points as the stock market started for trade this week. The market dropped by N90.14 billion when it opened for trading this week, and yesterday’s losses in Zenith Bank Plc and nine other companies dragged the market’s overall capitalisation down by N28 billion.
Consequently, the NGX ASI yesterday also decreased by 51.24 basis points, representing a dip of 0.10 per cent to close at 51,339.01 basis points. Accordingly, the month-to-date loss increased to -0.9 percent, while the year-to-date return moderated to +20.2 percent.
The downturn of yesterday’s trading was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, Champion Breweries, International Breweries, UPDC Real Estate Investment Trust (UPDCReit) and Lafarge Africa.
On sectoral performance, the Consumer Goods Index dropped by 0.9per cent and Banking Index depreciated by 0.7 per cent, while the Insurance Index added 0.6per cent index was the sole gainer of the day. The Industrial Goods and Oil & Gas indices closed flat.
However, market breadth, which is measured by market sentiment was positive, as 15 stocks gained relative to 10 losers. Academy Press recorded the highest price gain of 8.70 per cent to close at N2.25, per share. Regency Alliance Insurance followed with a gain of 8.00 per cent to close at 27 kobos, while Computer Warehouse Group (CWG) appreciated by 7.95 per cent to close at 95 kobos, per share.
Cutix went up by 7.27 per cent to close at N2.36, while Nigerian Aviation Handling Company (NAHCO) appreciated by 5.00 per cent to close at N8.40, per share. On the other hand, Champion Breweries led the losers’ chart by 8.74 per cent to close at N3.55, per share. Ikeja Hotels followed with a decline of 7.69 per cent to close at N1.20, while International Breweries went down by 5.17 to close at N5.50, per share.
Multiverse Mining and Exploration lost 4.76 per cent to close at N1.80, while UPDCReit shed 4.17 per cent to close at N3.45, per share. The total volume traded declined by 42.0 per cent to 115.410 million units, valued at N1.206 billion, and exchanged in 3,731 deals.
Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 12.182 million shares valued at N15.118 million. International Breweries followed with 7.647 million shares worth N42.769 million, while FBN Holdings (FBNH) traded 7.408 million shares valued at N78.782 million.
Zenit Bank traded 6.589 million shares valued at N148.275 million, while Sterling Bank transacted 6.445 million shares worth N9.981 million.
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