Stock Market Decline By N25bn On Profit-taking

The Nigerian equity market, on Thursday, returned to negative trajectory as investors continued to take profits to increase capital gains.

The Nigerian Stock Exchange All-Share Index declined by 0.12 per cent as bargain hunters continued to take profits from gains recorded last week.

The market breadth however closed negative with 50 losers against 14 gainers.

The ASI dipped 48.57 basis points or 0.12 per cent to close at 41,099.15 index points as against 41,147.72 recorded the previous trading session while market capitalisation of equities depreciated by N25bn from N21.52tn the previous day to N21.49tn as market sentiment returned on the negative territory.

Meanwhile, a turnover of 1.12 billion shares exchanged in 7,405 deals was recorded in the day’s trading.

Diversified industries sub-sector was the most active (measured by turnover volume), with 436.68 million shares exchanged by investors in 1,042 deals.

Volume in the sub-sector was largely driven by activities in the shares of Transcorp Plc and UACN Plc.

Also, insurance sub-sector, boosted by the activities in the shares of Sovereign Trust Insurance Plc and Mutual Benefits Assurance Plc, followed with a turnover of 324.72 million shares in 1,100 deals.

Further analysis of the day’s trading showed that in percentage terms Multiverse Nigeria Plc and NNFM Plc topped the day’s gainers’ table with 10 per cent each to close at 22 kobo and N9.68 per share respectively while Champion Breweries Plc followed with 9.89 per cent to close at N1.78 per share. NCR Plc added 9.65 per cent to close at N2.59 per share.

On the other hand, Chams Plc and Prestige Assurance Plc led the losers’ with a drop of 10 per cent each to close at 27 kobo and 54 kobo per share respectively while Tourist Company Plc shed 9.84 per cent to close at N2.84 per share. MRS Plc trailed with 9.82 per cent to close at N12.40 per cent.