Equities Market Sheds N6bn Over Profit-taking In 17 Stocks

The equities market of the Nigerian Exchange Limited (NGX) on Thursday relapsed from the previous session gain, as market capitalisation value depreciated by N6 billion, due to profit-taking in Seplat Energy and 16 other stocks.

Specifically, the overall market capitalisation value lost N6 billion to close at N25.521 trillion, just as the All-Share Index (ASI) fell by 11.24 per cent, representing a decline of 0.02 per cent, to close at 47,353.22 points.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Seplat Energy, Nigerian Breweries, Dangote Sugar Refinery, United Capital and Unilever Nigeria.

However, market breadth was positive as 18 stocks gained relative to 17 losers. UAC of Nigeria (UACN) recorded the highest price gain of 10 per cent to close at N12.10, per share. Royal Exchange followed with a gain of 9.80 per cent to close at N1.12, while Wapic Insurance up by 8.16 per cent to close at 53 kobo, per share.

Presco rose by 6.40 per cent to close at N133.00, while Multiverse Mining and Exploration gained 4.55 per cent to close at 23 kobo, per share.

On the other hand, Niger Insurance led the losers’ chart by 9.09 per cent to close at 20 kobo, per share. Cornerstone Insurance followed with a decline of 6.45 per cent to close at 58 kobo, while Veritas Kapital Assurance lost 4.55 per cent to close at 21 kobo, per share.

SEPLAT Energy declined 3.13 per cent to close at N930.00, while Lasaco Assurance shed 2.80 per cent to close at N1.04, per share.

The total volume traded rose by 64.3 per cent to 239.732 million units, valued at N3.892 billion, and exchanged in 3,848 deals. Transactions in the shares of Veritas Kapital Assurance topped the activity chart with 30.010 million shares valued at N6.302 billion. United Bank for Africa (UBA) followed with 27.730 million shares worth N235.186 million, while FBN Holdings (FBNH) traded 23.021 million shares valued at N272.019 million.

Guaranty Trust Holding Company traded 18.247 million shares valued at N477.757 million, while Fidelity Bank transacted 16.107 million shares worth N47.763 million.