Investors’ profit-taking depreciates Nigeria’s equities market by N169bn

Activities in the equities market of the Nigerian Exchange Limited (NGX) resumed this week on a sour note, as investors profit -taking in Presco Plc and 16 others, resulted in N169billion drop in market capitlaisation.

The NGX All Share Index (ASI) decreased by 313.16 basis points or 0.58 per cent to close at 53,772.14 basis points. Similarly, the market capitalisation lost N169 billion to close at N28.989 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Presco, MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, Lafarge Africa and University Press.

As measured by market breadth, market sentiment was positive as 25 stock gained relative to 17 losers. Trans Nationwide Express recorded the highest price gain of 9.86 per cent to close at 78 kobo, per share. NPF Microfinance Bank followed with a gain of 9.76 per cent to close at N1.80, while UAC of Nigeria (UACN) appreciated  by 9.52 per cent to close at N11.50, per share.

Jaiz Bank went up by 8.97 per cent to close at 85 kobo, while Livestock Feeds appreciated by 6.67 per cent  to close at N1.60 per share.

On the other hand, Presco led the losers’ chart by 10 per cent, to close at N162.00, per share. University Press followed with a decline of 8.77 per cent to close at N2.60, while FTN Cocoa processors went down by 8.57 to close at 32 kobo, per share.

May & Baker Nigeria lost 7.60 per cent to close at N4.01, while Wema Bank shed 6.85 per cent to close at N3.40, per share.

The total volume traded surged significantly by 13,146.69 to 27.565 billion units, valued at N194.356 billion and exchanged in 4,586 deals, following a block-divestment in Union Bank of Nigeria (UBN).

Thus, UBN was the most traded stock by volume and value with 27.337 billion shares valued at N191.359 billion. Transnational Corporation of Nigeria (Transcorp) followed with 70.067 million shares worth N85.102 million, while Access Holdings traded 21.249 million shares valued at N212.351 million.

Jaiz Bank traded 16.266 million shares valued at N13.625 million, while Sterling Bank transacted 10.535 million shares worth N15.872 million.