Equities market slightly slips into profit-taking

The local equities market of the Nigerian Exchange Limited (NGX) on Wednesday traded with mixed sentiments as the market declined by N1 billion.

The All Share Index (ASI) decreased by 1.50 basis points or 0.003 per cent to close at 51,802.48 basis points. Similarly, the market capitalisation lost N1 billion to close at N27.927 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; PZ Cussons Nigeria, Ecobank Transnational Incorporated (ETI), University Press, United Capital and Guaranty Trust Holding Company (GTCO).

As measured by market breadth, market sentiment was positive, as 17 stocks gained relative to 14 losers. Ikeja Hotel recorded the highest price gain of 10 per cent, to close at N1.21 per share. Royal Exchange followed with a gain of 7.29 per cent to close at N1.03, while NPF Microfinance Bank appreciated by 7.27 per cent to close at N1.77 per share.

Fidelity Bank went up by 4.88 per cent to close at N3.44, while Glaxosmith appreciated by 4.84 per cent  to close at N6.50 per share.

On the other hand, University Press led the losers’ chart by 9.62 per cent to close at N2.35 per share. Chams followed with a decline of 8.00 per cent to close at 23 kobo, while Linkage Assurance  went down by 6.90 per cent to close at 54 kobo, per share.

Cutix lost 6.25 per cent to close at N.25, while FTN Cocoa Processors shed 5.71 per cent to close at 33 kobo, per share.

Also, the total volume of trades increased by 32.4 per cent to 416.470 million units, valued at N3.459 billion, and exchanged in 4,466 deals.

Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 212.509 million shares valued at N53.125 million. GTCO  followed with 42.152 million shares worth N867.540 million, while United Bank for Africa (UBA) traded 23.986 million shares valued at N179.037 million.

FBN Holdings (FBNH) traded 23.159 million shares valued at N262.178 million, while Access Holdings transacted 22.525 million shares worth N208.538 million.