NGX Sheds N47bn As Profit-taking Dominates Trading Activities

Theequities market of the Nigerian Exchange Limited (NGX) closed the first trading day of the week with a decline of N47 billion, due to profit-taking that dominated trading activities yesterday.

Specifically, the market capitalisation lost N47 billion to close at N28.634 trillion, while the All Share Index (ASI) depreciated by 87.74 absolute points, representing a dip of 0.16 per cent to close at 53,113.64 points.

Analysis of the trading activities, however, shows that the downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Chemical Allied Products (CAP), Stanbic IBTC Holdings, Guaranty Trust Holding Company (GTCO), Lafarge Africa and Dangote Sugar Refinery.

Market breadth closed negative, with 24 losers versus nine gainers. Learn Africa recorded the highest price gain of 9.72 per cent, to close at N2.37, per share. SUNU Assurance Nigeria followed with a gain of 9.38 per cent to close at 35 kobo, while Wapic Insurance appreciated by five per cent to close at 42 kobo, per share.

FBN Holdings (FBNH) went up by 2.94 per cent to close at N10.50, while Sterling Bank appreciated by 1.97 per cent to close at N1.55, per share. On the other hand, CAP led the losers’ chart by 9.93 per cent, to close at N18.15, per share. Caverton Offshore Support Group followed with a decline of 7.83 per cent to close at N1.06, while Livestock Feeds went down by 6.25 to close at N1.50, per share.

Transnational Corporation of Nigeria lost 5.7 per cent to close at N1.31, while Champion Breweries shed 4.63 per cent to close at N3.50, per share.

However, the total volume traded rose 9.79 per cent to 299.995 million shares, worth N3.100 billion, and traded in 5,394 deals. Transactions in the shares of FCMB Group topped the activity chart with 52.082 million shares valued at N182.265 million. United Bank for Africa (UBA) followed with 47.731 million shares worth N365.346 million, while Transcorp traded 39.340 million shares valued at N52.226 million.

Access Holdings traded 30.104 million shares valued at N293.980 million, while GTCO transacted 20.415 million shares worth N446.146 million.

On market outlook, GTI Securities Limited said “Equity market closed negative, as investors await tomorrow’s fed decision on interest rates. We expect cautious trading and profit-taking to continue during the week.”