Stock Market Loses N3bn on Sustained Profit Taking

By Dipo Olowookere

Activities of profit takers on the floor of the Nigerian Stock Exchange (NSE) further plunged the market to a marginal 0.02 percent loss on Wednesday.

This reduced the market capitalisation by N3 billion to N13.002 trillion from N13.005 trillion and the All-Share Index (ASI) by 5.74 points to 26,938.58 points from 26,944.32 points.

Business Post reports that the activity level was weak during the midweek session as a total of 112.9 million shares worth N1.1 billion exchanged hands in 3,041 deals in contrast to the 189.0 million equities valued at N2.9 billion transacted in 3,314 deals the previous day.

This indicated that the volume of shares traded by investors yesterday went down by 40.27 percent, the value by 62.65 percent and the number of deals down by 8.24 deals.

Zenith Bank was the most active stock at the market on Wednesday, selling 15.9 million units worth N296.9 million and was trailed by FCMB, which sold 15.2 million shares for N27.0 million.

UBA exchanged 13.0 million shares worth N90.7 million, Fidelity Bank transacted 7.5 million equities valued at N15.0 million, while GTBank traded 6.1 million shares for N184.0 million.

Two sectors caused the slight loss printed by the market yesterday and they are the banking (-0.45 percent) and oil and gas (-0.24 percent). However, the insurance index rose by 0.77 percent, the industrial goods index appreciated 0.34 percent, while the consumer goods improved by 0.15 percent.

Sterling Bank was the heaviest price loser during the session, going down by 13 kobo to finish at N1.92 per unit, while Zenith Bank dropped 10 kobo to close at N18.70 per share.

UBA also went down by 10 kobo to finish at N6.95 per unit, Oando declined by 8 kobo to settle at N3.62 per share, while NAHCO declined by 7 kobo to end at N2.43 per share.

On the gainers’ table, Unilever Nigeria led the chart with 45 kobo added to its share value to close at N18.90 per unit, while CCNN gained 20 kobo to finish at N19.20 per share.

May & Baker rose by 19 kobo to settle at N2.14 per unit, Africa Prudential appreciated by 12 kobo to trade at N4.20 per share, while FBN Holdings gained 10 kobo to close at N6.80 per unit.