Investors Stake N2.63bn On Equities

The momentum of activities at the Nigerian equities market increased considerably as investors staked N2.63 billion amid new month’s profit-taking transactions.

Total turnover at the Nigerian Exchange (NGX) Limited rose by 39.4 per cent to 274.852 million shares valued at N2.63 billion in 4,159 deals. Financial services stocks were the main drivers of activities at the market.

United Capital was the most active stock with a turnover of 23.974 million shares valued at N143.661 million. Veritas Kapital Assurance followed with 23.117 million shares worth N4.623 million. Eterna traded 21.575 million shares valued at N163.979 million. Zenith Bank recorded a turnover of 20.475 million shares valued at N470.702 million while Transnational Corporation of Nigeria (Transcorp) traded 16.486 million shares worth N14.643 million.

While there were more gainers that losers, profit-taking transactions in large-cap stocks, especially in the oil and gas sector, dragged the overall market capitalisation down by N13 billion.

The All Share Index (ASI) – a value-based common index that tracks all quoted equities at the NGX, dropped by 23.51 points or 0.06 per cent to close at 38,414.37 points. Aggregate market capitalisation of all quoted equities declined by N13 billion to close at N20.022 trillion.

Sectoral indices were generally negative. The NGX Oil and Gas Index declined by 0.9 per cent. The NGX Consumer Goods Index dropped by 0.3 per cent while the NGX Banking Index and NGX Industrial Goods Index dipped by 0.1 per cent each. On the positive side, the NGX Insurance Index appreciated by 1.5 per cent.

The downtrend was driven by price depreciation in mid and large-cap stocks including Seplat Petroleum Development Company, Africa Prudential, United Capital, Champion Breweries and Unilever Nigeria.

Market analysts attributed the bearish performance to investors’ profit-taking sentiment in recently appreciated blue-chip stocks.

“In the next trading session, we expect market performance to remain tepid, due to absence of positive drivers,” Afrinvest Securities stated.

Morison Industries recorded the highest price gain of 9.57 per cent to close at N1.03, per share. Wapic Insurance followed with a gain 9.43 per cent to close at 58 kobo, while University Press rose by 9.40 per cent to close at N1.28, per share.

Consolidated Hallmark Insurance rose by 9.09 per cent to close at 72 kobo, while Regency Alliance Insurance appreciated by 8.89 per cent to close at 49 kobo, per share. On the other hand, Champion Breweries led the losers’ chart by 9.91 per cent to close at N1.91, per share. John Holt followed with a decline of 7.94 per cent to close at 58 kobo, while Africa Prudential shed 7.26 per cent to close at N5.75, per share.

Honeywell Flour Mill shed 6.61 per cent to close at N1.13, while Chams depreciated by 4.76 per cent to close at 20 kobo, per share.