Stock Market Decline By N82.83bn On Profit-taking
Transactions on the Nigerian equities market yesterday closed the first trading session of the week on a negative note with a decline of N82.83billion as profit-taking dominated all the major sectors.
The overall market capitalisation dropped to N20.490 trillion from N20.57trillion it opened for trading, while Nigerian Exchange Limited (NGX) All-Share Index (ASI) reduced by 158.98 basis points, representing a decline of 0.40 per cent to close at 39,326.67 basis points from 39,485.65 basis points.
On sectors, the Industrial Goods (-1.4 per cent), Oil and Gas (-1.2 per cent) and Banking (-0.2 per cent) indices declined, while the Consumer Goods (+1.2 per cent) and Insurance (+0.8 per cent) indices recorded gains.
The market lose was driven by price depreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Eterna, Oando, Ecobank Transnational Incorporated (ETI), Champion Breweries and Zenith Bank.
As measured by market breadth, market sentiment closed positive, as 21 stocks gained, relative to 18 losers. Honeywell Flour Mills followed with a gain 9.86 per cent to close at N3.90, per share. UACN Property Development Company (UPDC) followed with a gain of 9.84 per cent to close at N2.01 and Associated Bus Company went up 9.09 per cent to close at 36 kobo, per share.
Presco up by 8.90 per cent to close at N79.50, while FTN Cocoa processors appreciated by 8.33 per cent to close at 52 kobo, per share.
On the other hand, Champion Breweries led the losers’ chart by 7.73 per cent to close at N2.03, per share. Eterna followed with a decline of 7.20 per cent to close at N6.96, while Linkage Assurance shed 6.45 per cent to close at 58 kobo, per share.
Oando lost five per cent to close at N4.56, while Caverton Offshore Support Group shed 4.86 per cent to close at N1.76, per share.
The total volume of trades increased by 38.0 per cent to 301.014 million units, valued at N1.535 billion and exchanged in 4,715 deals.
Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 51.691 million shares valued at N46.840 million. Honeywell Flour Mills followed with 43.733 million shares worth N167.914 million, while Consolidated Hallmark Insurance traded 17.606 million shares valued at N10.632 million.
Oando traded 16.119 million shares valued at N71.450 million, while UPDC transacted 15.114 million shares worth N29.913 million.
This week, analysts at United Capital Plc expected the pendulum of sentiments to be swayed by the outcome of audited numbers of the big banks during the week.