Equities market down by 0.09% amid investors profit-taking

The equities market on the first trading day of the week began on a bearish trend with the All-Share Index (ASI) declining by 37.35 absolute points, representing a decrease of 0.09 per cent, to close at 43,270.94 points.

Trading in the domestic equities market kicked off the week yesterday with negative sentiments as investors sold off in Presco Plc and 20 other stocks.

Also, the overall market capitalisation value dropped by N19 billion to close at N22.579 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Presco, UPDC Real Estate Investment Trust, International Breweries, Zenith Bank and Oando.

Analysts at Afrinvest Limited anticipated a mixed market performance in the next trading session due to the weak investor sentiment.

As measured by market breadth, market sentiment was negative, as 21 stocks lost relative to 14 gainers. AIICO Insurance recorded the highest price gain of 8.57 per cent to close at 76 kobo, per share. LivingTrust Mortgage Bank followed with a gain of 7.95 per cent to close at 95 kobo, while Veritas Kapital Assurance went up by 4.76 per cent to close at 22 kobo, per share.

Associated Bus Company rose by 3.03 per cent to close at 34 kobo, while Courteville Business Solutions gained 2.56 per cent to close at 40 kobo, per share. On the other hand, UACN Property Development Company (UPDC) led the losers’ chart by 9.92 per cent to close at N1.18, per share. UPDC Real Estate Investment Trust followed with a decline of 9.90 per cent to close at N4.55, while Consolidated Hallmark Insurance lost 7.27 per cent to close at 51 kobo, per share.

Regency Alliance Insurance lost 4.76 per cent to close at 40 kobo, while Wapic Insurance and International Breweries shed four per cent each to close at 48 kobo and N4.80 respectively, per share.

The total volume of trades declined by 30.2 per cent to 213.126 million units, valued at N2.360 billion, and exchanged in 4,105 deals. Transactions in the shares of FCMB Group topped the activity chart with 58.454 million shares valued at N179.918 million. AIICO Insurance followed with 13.507 million shares worth N10.387 million, while Zenith Bank traded 12.778 million shares valued at N308.695 million.

Guaranty Trust Holding Company (GTCO) traded 12.389 million shares valued at N309.673 million, while Access Bank transacted 10.903 million shares worth N98.519 million.