Stock Investors Take Profits As Market Sheds N51bn

The Nigerian equities market fell for the second consecutive day on Thursday, with the total market value losing N51.27bn as investors took profits in MTN Nigeria Plc and some other stocks.

The All-Share Index of the Nigerian Exchange Limited dipped by 0.22 per cent at the end of trading to 43,609.06 basis points from 43,730.55bps on Wednesday while the market capitalisation fell to N22.76tn from N22.81tn.

The investor activity was bearish as trading volume fell by 40.41 per cent to 161.31 million units valued at N2.14bn in 3,574 deals from 270.70 million units valued at N5.63bn in 3,861 deals on Wednesday.

The sectoral performance was also negative as three of the major five indices closed lower.

The NGX Banking, Insurance and Industrial Goods indices dropped by 0.95 per cent, 0.93 per cent, and 0.1 per cent respectively, while the NGX Consumer Goods Index gained 0.02 per cent. The oil and gas index closed flat on Thursday at the end of trading.

FBN Holdings Plc was the most traded stock on Thursday, accounting for 17.45 per cent of the total trading volume.

MTN Nigeria Plc accounted for 18.94 per cent of the total value of trades, emerging as the most traded stock by value.

Market sentiment, as measured by market breadth, was negative as 19 stocks declined, compared to 12 gainers.

Unity Bank Plc led the gainers with a share price increase of 7.27 per cent to N0.59. It was followed by FTN Cocoa Processors Plc, which rose by five per cent to N0.42.

Other top gainers on Thursday were Universal Insurance Plc (4.76 per cent), Lafarge Africa Plc (2.62 per cent) and UPDC Plc (2.42 per cent).