Equities market drops by N9bn on investors profit-taking

Nigerian equities market on Monday commenced trading week on decline as the overall capitalisation closed N9 billion weaker.

Hence, the Nigerian Exchange Limited All-Share Index (NGX ASI) shed by 15.24 per cent, or 0.02 per cent, to close at 100,006.79 basis points. Similarly, the overall market capitalisation value lost N9 billion to close at N56.572 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; PZ Cussons, Nigeria, CWG, Transnational Corporation (Transcorp), Unilever Nigeria and Dangote Sugar Refinery.

Also, market breadth was negative, as 22 stocks lost relative to 24 gainers. Veritas Kapital Assurance recorded the highest price gain of 9.57 per cent to close at N1.26, per share. DAAR Communication followed with a gain of 8.33 per cent to close at 50 kobo, while Conoil rose by 8.26 per cent to close at N136.95, per share.

NEIMETH International Pharmaceuticals rose by 7.45 per cent to close at N1.73, while Ikeja Hotel gained 7.25 per cent to close at N7.40, per share.

On the other hand, PZ Cussons, Nigeria led the losers’ chart by 10 per cent to close at N19.80, per share. CWG followed with a decline of 9.80 per cent to close at N6.90, while Chams Holding Company lost 9.66 per cent to close at N2.15, per share.

International Energy Insurance declined 9.55 per cent to close at N1.42, while Consolidated Hallmark Holdings shed 9.27 per cent to close at N1.37, per share.

The total volume of trade rose by 67.2 per cent to 689.983 million units, valued at N7.165 billion, and exchanged in 9,635 deals. Transactions in the shares of Ellah Lakes topped the activity chart with 271.487 million shares valued at N814.389 million. Universal Insurance followed with 42.054 million shares worth N14.895 million, while Guaranty Trust Holding Company (GTCO) traded 40.843 million shares valued at N1.938 billion.

United Bank for Africa (UBA) traded 35.984 million shares valued at N846.917 million, while AIICO Insurance transacted 28.825 million shares worth N32.523 million.

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