Equities market down by N544bn as profit-taking in Airtel Africa persists

The equities market of the Nigerian Exchange Limited (NGX) continued its bearish sentiments, as profit taking in Airtel Africa Plc and 14 others drove market capitalisation by N544billion.

The All Share Index (ASI) decreased by 999.63 basis points or 2.16 per cent to close at 45,366.32 basis points. Similarly, market capitalisation lost N544 billion to close at N24.710 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Nigerian Breweries, Lafarge Africa, Stanbic IBTC Holdings and Champion Breweries.

However, market breadth closed positive, with 18 gainers versus 15 losers. United Capital recorded the highest price gain of 9.69 per cent to close at N12.45 per share. Regency Alliance Insurance followed with a gain of 8.33 per cent to close at 26 kobo, while Sovereign Trust Insurance rose 7.69 per cent to close at 28 kobo per share.

Mutual Benefits Assurance went up by 7.41 per cent to close at 29 kobo, while Honeywell Flour Mills appreciated by 6.84 per cent to close at N2.50 per share.

On the other hand, Airtel Africa led the losers’ chart by 10 per cent to close at N1,458 per share. Nigerian Breweries followed with a decline of 9.80 per cent to close at N41.90, while Computer Warehouse Group (CWG) lost 8.64 per cent to close at 74 kobo per share.

Jaiz Bank lost 5.56 per cent to close at 85 kobo, while Courteville Business Solutions shed 4.17 per cent to close at 46 kob, per share.

The total volume traded rose by 204.59 per cent to 420.277 million units, valued at N3.625 billion, and exchanged in 3,486 deals.

Transactions in the shares of CWG topped the activity chart with 258.793 million shares valued at N191.507 million. Guaranty Trust Holding Company (GTCO) followed with 57.415 million shares worth N1.067 billion, while Zenith Bank  traded 13.155 million shares valued at N268.751 million.

Fidelity Bank traded 12.489 million shares valued at N44.504 million, while Access Holdings transacted 8.951 million shares worth N74.365 million.