Profit-taking Further Depletes Stock Investors’ Portfolios by N91bn

By Dipo Olowookere

Portfolios of stock investors further depreciated by 0.06 per cent on Monday as a result of sustained profit-taking by market participants, as the bears continued to expand their dominance.

During the session, sell-offs were witnessed in three of the five major sectors of the Nigerian Exchange (NGX) Limited, data analysed by Business Post showed.

The insurance space lost 1.15 per cent, the consumer goods counter declined by 0.71 per cent, and the energy sector shrank by 0.05 per cent. However, the banking index gained 0.07 per cent, while the industrial goods segment closed flat.

At the close of business, the All-Share Index (ASI) contracted by 140.41 points to 250,667.86 points from 250,808.27 points, and the market capitalisation decreased by N91 billion to N162.752 trillion from N162.843 trillion.

CMFC moderated by 9.80 per cent to N4.05, ABC Transport slumped by 9.46 per cent to N6.70, Africa Prudential lost 7.31 per cent to close at N10.15, Japaul crashed by 6.94 per cent to N2.68, and Coronation Insurance shed 0.74 per cent to trade at N2.21.

On the other side of the coin, Sovereign Trust Insurance grew by 10.00 per cent to N2.31, FTN Cocoa expanded by 9.97 per cent to N8.38, Tripple Gee gained 9.87 per cent to quote at N2.56, Learn Africa improved by 9.80 per cent to N8.40, and Livestock Feeds advanced by 9.55 per cent to N9.75.

Yesterday, trading activity improved after Customs Street closed with a turnover of 875.3 million stocks worth N40.9 billion executed in 53,887 deals compared with the 557.2 million stocks valued at N27.6 billion traded in 53,450 deals last Friday, indicating a jump in the trading volume, value, and number of deals by 57.09 per cent, 48.19 per cent, and 0.82 per cent, respectively.

The most active equity on Monday was Access Holdings, with 440.7 million units valued at N13.2 billion. CMFC sold 57.8 million units worth N235.0 million, UBA transacted 45.4 million units for N2.1 billion, Fidelity Bank traded 34.3 million units worth N780.9 million, and Chams exchanged 25.8 million units valued at N85.1 million.