Equities market drops by N445bn on investors profit-taking

The local equities market on Wednesday reversed its prior day gains, as the overall capitalisation fell by N445 billion on investors profit-taking.

The Nigerian Exchange Limited All Share Index (NGX ASI) lost by 708.14 basis points or 0.68 per cent to close at 103,851.88 basis points. Also, market capitalisation shed N445 billion to close at N65.259 trillion.

Dividend markdowns in Zenith Bank and Guaranty Trust Holding Company (GTCO), alongside selloffs in Industrial and Medical Gases (IMG), Custodian Investment and UACN, contributed to the negative outturn for the session.

Despite the downturn, market breadth was positive, with 25 gainers versus 19 losers. Abbey Mortgage Bank recorded the highest price gain of 9.99 per cent to close at N8.15, per share. Sovereign Trust Insurance followed with a gain of 7.69 per cent to close at 98 kobo, while Nigerian Exchange Group rose by 7.30 per cent to close at N33.80, per share.

Fidelity Bank rose by 6.74 per cent to close at N18.20, while Deap Capital Management & Trust up by 6.67 per cent to close at 96 kobo, per share.

On the other hand, IMG led the losers’ chart by 10.00 per cent to close at N34.20, per share. Guinea Insurance followed with a decline of 9.52 per cent to close at 57 kobo, while DAAR Communications shed 7.94 per cent to close at 58 kobo, per share.

C&I Leasing depreciated by 7.89 per cent to close at N3.50, while Custodian Investment declined by 5.62 per cent to close at N16.80, per share.

Meanwhile, the total volume traded decreased by 4.64 per cent to 351.655 million units, valued at N13.711 billion, and exchanged in 12,141 deals. Transactions in the shares of Access Holdings topped the activity chart with 68.202 million shares valued at N1.487 billion. GTCO followed with 36.780 million shares worth N2.172 billion, while FCMB Group traded 28.773 million shares valued at N261.894 million

United Bank for Africa (UBA) traded 26.399 million shares valued at N830.870 million, while Chams Holding Company sold 24.622 million shares worth N53.341 million.