Stock Market Down By N42bn On Profit-taking

The Nigerian equity market returned to negative territory on Wednesday as investors began to take profits to increase capital gains.

Key market indicators, the Nigerian Stock Exchange All-Share Index declined by 0.3 per cent as bargain hunters widen sell-offs to take profits from gains recorded last week.

The market breadth closed negative with 22 losers against 19 gainers.

Consequently, the All-Share Index dropped by 90.8 basis points or 0.3 per cent to close at 35,056.82 basis points as against 35,147.62 recorded the previous day.

The market capitalisation of equities depreciated by N42bn to close at N18.32tn from N18.36tn as market sentiment returned to the red zone.

Meanwhile, a turnover of 368.97 million shares exchanged in 4,598 deals was recorded in the day’s trading.

The premium subsector was the most active during the day (measured by turnover volume); with 162.20 million shares exchanged by investors in 1,620 deals.

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

The banking subsector of the financial services sector was boosted by activities in the shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 56.62m shares in 763 deals.

The number of gainers at the close of trading session was 19 while decliners closed at 22.

AIICO Insurance Plc led the gainers’ table with a gain of 9.90 per cent to close at N1.11 per share while Regency Alliance Assurance Plc followed with a gain of 9.09 per cent each to close at 24 kobo per share. FTN Cocoa Plc added 8.70 per cent to close at 25 kobo per share.

On the other hand, C and I Leasing Nigeria Plc led the price losers’ table, dropping 9.90 per cent to close at N4.46 per share. AXA-Mansard Insurance Plc followed with 9.70 per cent to close at N2.14 per share while NNFM Plc posted a loss of 9.67 per cent to close at N6.26 per share.