Renewed Profit-Taking Plunges Nigerian Stocks into 0.01% Loss

By Dipo Olowookere

Nigerian stocks returned to the territory of the bears on Tuesday after depreciating by 0.01 per cent at the close of transactions by 2:30 pm.

Renewed profit-taking in Oando, Access Bank, UBA, UAC Nigeria and 11 others weakened the market and caused the All-Share Index (ASI) to decrease by 6.14 points to 42,388.57 points from 42,394.71 points and depleted the market capitalisation by N3 billion to N22.126 trillion from N22.129 trillion.

The energy and banking sectors depreciated yesterday by 0.45 per cent 0.43 per cent, while the insurance, consumer goods and industrial goods counters appreciated by 1.17 per cent, 0.05 per cent and 0.02 per cent respectively.

Business Post reports that investors traded 275.9 million shares worth N3.9 billion in 3,489 deals in contrast to the 142.2 million shares worth N2.5 billion transacted in 3,749 deals on Monday, implying an increase in the trading volume and value by 94.08 per cent and 58.29 per cent respectively, while the number of deals depreciated by 6.94 per cent.

UAC Nigeria ended the session as the most traded stock yesterday with the sale of 75.9 million units valued at N720.8 million, followed by FBN Holdings, which transacted 68.6 million units worth N836.4 million.

UBA exchanged 16.7 million equities worth N133.8 million, Stanbic IBTC traded 13.3 million shares valued at N478.7 million, while Courtville sold 7.1 million stocks worth N2.7 million.

A total of 15 equities depreciated in value on Tuesday, with Eterna leading the pack after it lost 9.91 per cent to trade at N5.00, trailed by MRS Oil, which fell by 9.85 per cent to N12.35.

Japaul declined by 7.69 per cent to 36 kobo, Learn Africa decreased by 7.14 per cent to N1.17, while FTN Cocoa depreciated by 4.76 per cent to 40 kobo.

On the flip side, Meyer topped the gainers’ chart of 21 members as its value went up by 9.52 per cent to close at 46 kobo, followed by Consolidated Hallmark Insurance, which appreciated by 9.26 per cent to 59 kobo.

CAP gained 6.87 per cent to trade at N19.45, Academy Press rose by 6.38 per cent to 50 kobo, while Lasaco Assurance went up by 5.77 per cent to N1.10.