Nigerian equities market drops by N719bn on profit taking in First Holdco, 29 others 

The Nigerian equities market closed Wednesday’s session on a negative note as investors profit taking in First Holdco, 29 others dragged market capitalization lower by N719 billion.  

Volume and turnover declined sharply by 92.28 per cent and 93.68 per cent to 404.11 million shares and N27.91 billion respectively, while deal count increased by 8.53 per cent to 39,012 transactions.

The drop in turnover followed waning demand for heavyweight stocks which dragged the All-Share Index lower by 0.44 per cent to 252,882.78 basis points, moderating year-to-date return to 62.51 per cent.

Consequently, market capitalisation shed N719 billion to close at N164.19 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; First Holdco, BUA Cement, Guaranty Trust Holding Company (GTCO), eTranzact International and Livestock Feeds.

Market sentiment remained negative, with 30 decliners outweighing 25 advancers. Sovereign Trust Insurance led the gainers chart by 10.0 per cent to close at N1.98, per share. Austin Laz & Company followed with a gain of 9.21 per cent to N2.61, while United Bank for Africa (UBA) rose by 6.83 per cent to N43.00, per share.

Critical Minerals Financing Corporation (CMFC) gained 5.71 per cent to N3.33 and University Press rose 4.60 per cent to N4.55, per share.

On the losers side, First Holdco shed 10.0 per cent to N139.50, per share. Tripple Gee & Company followed with a decline of 5.51 per cent to N2.40, while Fortis Global Insurance, eTranzact International and Royal Exchange lost 4.76 per cent each to close at N1.60, N16.00 and N1.00 respectively, per share.

Meanwhile, transactions in the shares of UBA topped the activity chart with 38.483 million shares valued at N1.570 billion. Access Holdings followed with 30.739 million shares worth N881.534 million, while Zenith Bank traded 30.573 million shares valued at N3.674 billion.

GTCO traded 26.329 million shares valued at N3.184 billion, while Fortis Global Insurance sold 16.376 million shares worth N27.473 million.

Looking ahead, Cowry Assets Management Limited said, persistent selling pressure and subdued investor sentiment may sustain near-term market weakness, although selective bargain-hunting in fundamentally sound counters could provide some support.