Equities market commences new week on profit-taking, drops by 0.15% 

The Nigerian Exchange Limited All-Share Index (NGX ASI) commenced the new week on a negative note, dropping by 155.96 basis points or 0.15 per cent to close at 105,799.17 basis points. 

Also, market capitalisation shed N8 billion or 0.01 per cent to close at N66.344 trillion. The difference in the market indices was influenced by the listing of 16.667 billion ordinary shares of 50 kobo each at N4.50 per share, offered through a private placement by Sterling Financial Holdings Company Plc.

Also, investor sentiment, as measured by market breadth closed negative as 18 stocks advanced, while 35 declined. Academy Press emerged the highest price gainer of 9.92 per cent to close at N2.88, per share.  NEIMETH International Pharmaceuticals followed with a gain of 8.43 per cent to close at N2.70, while Tantalizer rose by 6.83 per cent to close at N3.13, per share.

Dangote Sugar Refinery declined by 4.71 per cent to close at N36.70, while Stanbic IBTC Holdings advanced by 4.24 per cent to close at N61.50, per share.

On the other side, eTranzact International led others on the losers’ chart with 10 per cent to close at N5.85, per share. SUNU Assurance followed with a decline of 9.92 per cent to close at N4.63, while Prestige Assurance shed 8.26 per cent to close at N1.00, per share.

Sovereign Trust Insurance lost 7.77 per cent to close at 95 kobo, while Red Star Express depreciated by 7.76 per cent to close at N5.35, per share.

Also, the total volume traded declined by 36.38 per cent to 477.513 million units, valued at N7.059 billion, and exchanged in 13,520 deals. Transactions in the shares of Jaiz Bank led the activity with 194.502 million shares worth N596.607 million. Zenith Bank followed with account of 20.790 million shares valued at N989.827 million, while Sovereign Trust Insurance traded 18.944 million shares valued at N18.226 million.

Prestige Assurance traded 18.484 million shares worth N18.930 million, while Fidelity Bank traded 14.538 million shares worth N247.563 million.

Looking forward, United Capital Plc said “the equities market is expected to improve as investors react to the February 2025 inflation report and position themselves ahead of the full year, 2024 earnings season and possible corporate action declarations. Nevertheless, given the elevated interest rate environment in the fixed-income market, we still expect bearish sentiments to linger in the background.”