Equities market drops by N118bn amid profit-taking
The equities market on Thursday declined by N118 billion, following selloffs on banking stocks amidst increased regulatory spotlight.
The Ngerian Exchange Limited All-Share Index (NGX ASI) dropped by 208.21 basis points or 0.21 per cent to close at 100,156.96 basis points. Also, market capitalisation shed by N118 billion to close at N56.712 trillion.
The decline was driven by price depreciation in large and medium capitalised stocks amongst which are; Nigerian Aviation Handling Company (NAHCO), Dangote Sugar Refinery, Zenith Bank, NASCON Allied Industries and FCMB Group.
Investor sentiment, as measured by market breadth closed negative as 12 stocks advanced while 25 declined. Custodian Investment emerged the highest price gainer of 8.51 per cent to close at N10.20, per share. Livestock Feeds followed with a gain of 3.91 per cent to close at N2.39, while Wapic Insurance advanced by 3.90 per cent to close at 80 kobo, per share.
Oando increased by 3.06 per cent to close at N18.50, while United Capital added 2.70 per cent to close at N38.00, per share.
On the other side, Omatek Ventures led others on the losers’ chart with 10 per cent to close at 63 kobo, per share. Cutix followed with a decline of 9.51 per cent to close at N5.33, while FCMB Group shed 8.75 per cent to close at N7.30, per share.
Linkage Assurance dipped by 7.53 per cent to close at 86 kobo, while Consolidated Hallmark Holdings depreciated by 7.14 per cent to close at N1.30, per share.
The total volume traded increased by 169.08 per cent to 1.34 billion units, valued at N9.675 billion, and exchanged in 8,198 deals. Transactions in the shares of Tourist Company of Nigeria led the activity with 973.336 million shares worth N2.793 billion. Fidelity Bank followed with account of 53.418 million shares valued at N561.618 million, while Zenith Bank traded 40.593 million shares valued at N1.464 billion.
Guaranty Trust Holding Company (GTCO) traded 27.049 million shares worth N1.208 billion, while Access Holdings traded 23.308 million shares worth N443.601 million.
