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Profit-Takers Sink Nigerian Stocks by 0.17%

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By Dipo Olowookere

Nigerian stocks could not maintain the positive trajectory recorded on Wednesday at the Nigerian Exchange (NGX) on Thursday as they depreciated by 0.17 per cent.

The loss was a result of the overriding activities of profit-takers, who thought it was necessary to offload some equities to cash out after making gains in the past few days.

As a result, the All-Share Index (ASI) sank by 64.26 points to 38,571.89 points from 38,636.15 points, while the market capitalisation decreased by N34 billion to N20.185 trillion from N20.219 trillion.

Business Post reports that yesterday, the insurance sector lost 2.75 per cent, the banking space depreciated by 0.97 per cent, the industrial goods counter declined by 0.18 per cent, while the consumer goods and energy sectors appreciated by 0.12 per cent and 0.09 per cent respectively.

The market breadth, which measures investor sentiment, was negative on Thursday as a result of the decline in 29 stocks compared with the rise recorded by 14 equities.

UAC Property was the heaviest loser as its value went down by 10.00 per cent to 72 kobo with PZ Cussons trailed for losing 9.78 per cent to trade at N4.15.

Studio Press declined by 9.50 per cent to N1.62, Northern Nigerian Flour Mills decreased by 9.26 per cent to N4.90, while Chams lost 9.09 per cent to sell for 20 kobo.

On the flip side, Guinness Nigeria maintained its upward movement with a price appreciation of 10.00 per cent to settle at N29.15 and was trailed by Morison, which gained 9.30 per cent to close at 94 kobo.

FTN Cocoa also improved by 9.30 per cent to 47 kobo, Honeywell Flour rose by 9.17 per cent to N1.19, while Livestock Feeds appreciated by 6.74 per cent to quote at N1.90.

Yesterday at the market, investors traded 319.4 million shares worth N1.8 billion in 4,158 deals as against the 278.0 million stocks worth N2.3 billion traded in 3,987 deals on Wednesday.

This signified that the trading volume and number of deals improved 14.89 per cent and 4.29 per cent respectively, while the trading value went down by 21.85 per cent.

Fidelity Bank ended the session as the most active stock with the sale of 46.7 million units valued at N113.5 million, with Access Bank following with 36.9 million units worth N297.7 million.

Mutual Benefits Assurance traded 27.7 million equities valued at N10.2 million, FBN Holdings exchanged 26.1 million stocks for N197.7 million, while Axa Mansard Insurance sold 18.7 million shares worth N16.6 million.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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