Stock Market Loses N152bn On Profit-taking

Transactions on the floor of the Nigerian Stock Exchange on Tuesday witnessed another drop in share prices as bears sustained their grip on the local bourse following profit-taking by investors.

The local bourse recorded only four gainers against 27 losers led by Champion Breweries Plc and Oando Plc among other blue-chip firms that experienced downswing in their shares.

Consequently, the All-Share Index dipped by 815.91 basis points or 3.35 per cent to close at 22,629.92 index points as against 22.920. 41 recorded the previous day.

Market capitalisation of equities depreciated by N152bn from N11.945tn the previous day to N11.793tn as market sentiment remained on the negative territory.

Meanwhile, a turnover of 250.3 million shares exchanged in 4,877 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume); with 158.95 million shares exchanged by investors in 2,353 deals.

Volume in the subsector was largely driven by activities in the shares of FBNH Plc and Zenith Bank Plc.

Also, the banking subsector boosted by the activities in the shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 43.2 million shares in 865 deals.

Further analysis of the day’s trading showed that in percentage terms, Omomor Bank Plc led the gainers’ chart with a growth of nine per cent to close at 60 kobo per share while NPF MFB Plc gained 8.70 per cent to close at N1.25 per share. Lasaco Insurance Plc trailed with 4.17 per cent to close at 25 kobo per share.

On the flip side, Champion Breweries Plc and Oando Plc topped the day’s losers’ table with 10 per cent each to close at 81 kobo and N2.25 per share respectively. Wapco Nigeria Plc followed with 9.21 per cent to close at N10.35 per share. Fidelity Bank Plc dropped 8.99 per cent to close at N1.72 per share.