Profit-Taking in Financial Equities Pressures Market by 0.07%

By Dipo Olowookere

Profit-taking in financial equities on Monday further mounted pressure on the Nigerian Exchange (NGX) Limited, resulting in a 0.07 per cent decline at the close of transactions.

Business Post reports that the banking index depleted yesterday by 0.91 per cent, the insurance sector went down by 0.71 per cent, while the industrial goods counter decreased by 0.01 per cent.

However, the consumer goods sector appreciated during the session by 0.46 per cent as the energy space grew by 0.01 per cent. But the gains posted by the two sectors could not lift the market.

As a result, the All-Share Index (ASI) shed 30.74 points to settle at 47,251.93 points compared with the preceding session’s 47,282.67 points, while the market capitalisation shelled N17 billion to close at N25.466 trillion as against last Friday’s N25.483 trillion.

Yesterday, traders transacted 213.6 million stocks worth N2.7 billion in 4,485 deals in contrast to the 600.0 million stocks worth N3.8 billion transacted in 4,289 deals at the previous session, indicating a decline in the trading volume and value by 64.38 per cent and 30.17 per cent respectively and an increase in the number of deals by 4.57 per cent.

Access Bank ended the trading day as the busiest stock, selling 27.2 million units valued at N265.4 million and was followed by Zenith Bank, which traded 19.9 million units worth N534.7 million.

Further, UBA exchanged 18.7 million equities worth N145.0 million, GTCO sold 18.4 million shares valued at N482.4 million, while Transcorp transacted 15.1 million stocks worth N17.1 million.

On the price movement chart, RT Briscoe was the worst-performing equity, losing 10.00 per cent to close at 72 kobo and was trailed by Berger Paints, which lost 9.64 per cent to finish at N7.50.

Ikeja Hotel fell by 8.76 per cent to N1.25, Champion Breweries depreciated by 8.07 per cent to N2.05, while UPDC declined by 8.00 per cent to settle at 92 kobo.

Conversely, Guinness Nigeria was the best-performing stock, appreciating y 10.00 per cent to trade at N71.50 and was trailed by Royal Exchange, which gained 8.33 per cent to quote at N1.30.

Mutual Benefits Assurance appreciated by 8.00 per cent to 27 kobo, Lasaco Assurance improved by 6.00 per cent to N1.06, while Livestock Feeds rose by 5.62 per cent to N1.69.