Bears Run Away With Stock Investors’ N57bn After Profit-Taking
By Dipo Olowookere
Investors at the Nigerian Exchange (NGX) Limited lost 0.15 per cent of their wealth to profit-taking on Monday, putting an end to the four consecutive sessions of bullish run.
Sell-offs in the banking and the consumer goods sectors contributed to the downfall of the local stock market yesterday, with their respective indices finishing lower by 0.36 per cent and 0.09 per cent.
The bears dominated the bourse during the opening session of the week despite the insurance counter closing higher by 0.50 per cent, with the energy and industrial goods sectors remaining unchanged.
At the close of business, the All-Share Index (ASI) retreated by 104.29 points to 71,008.70 points from 71,112.99 points and the market capitalisation lost N57 billion to close at N39.051 trillion compared with the previous day’s N39.108 trillion.
Amid the sluggish start to the week, investor sentiment remained strong as there were 36 price gainers and 15 price losers, implying a positive market breadth index.
MeCure topped the gainers’ chart after it grew by 9.95 per cent to N6.30, Multiverse expanded by 9.92 per cent to N3.99, ABC Transport improved by 9.88 per cent to 89 Kobo, C&I Leasing rose by 9.84 per cent to N5.47, and Northern Nigerian Flour Mills soared by 9.83 per cent to N26.25.
On the flip side, RT Briscoe topped the losers’ chart after it lost 9.84 per cent to 55 Kobo, Prestige Assurance depleted by 9.09 per cent to 50 Kobo, Stanbic IBTC declined by 7.08 per cent to N65.00, CWG fell by 3.14 per cent to N7.70, and Caverton decreased by 2.78 per cent to N1.40.
Business Post observed that the market was quiet on Monday, as the trading volume and value went down by 18.82 per cent and 26.67 per cent apiece, while the number of deals increased by 11.35 per cent.
When trading activities ended for the session, a total of 358.5 million shares worth N4.4 billion exchanged hands in 6,551 deals compared with the 441.6 million shares worth N6.0 billion traded in 5,883 deals last Friday.
Access Bank topped the activity log for selling 27.6 million equities for N474.6 million, AIICO Insurance traded 21.9 million shares valued at N16.7 million, Universal Insurance exchanged 21.7 million stocks worth N5.2 million, Japaul sold 21.2 million shares for N37.2 million, and Veritas Kapital transacted 19.0 million equities worth N5.9 million.