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Economy

Stock Market Loses N9bn as Investors Resume Profit-Taking

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By Dipo Olowookere

The total value of stocks listed on the exchange in Nigeria depreciated by N9 billion on Tuesday after the market reversed the gains recorded on Monday to close 0.05 per cent lower.

This made the market capitalisation of the Nigerian Stock Exchange (NSE) close at N20.251 trillion in contrast to N20.260 trillion it finished at the preceding session.

The renewed profit-taking, especially in the banking sector, was the major reason for the depression suffered by the equity market yesterday.

As a result, the All-Share Index (ASI) decreased by 17.90 points to settle at 38,704.97 points compared with 38,722.87 points it closed on Monday.

Data obtained by Business Post showed that the banking index reduced by 0.65 per cent on Tuesday and it had an effect on the market, suppressing the 0.64 per cent rise in the insurance sector, 0.13 per cent growth in the energy counter and 0.11 per cent increase in the consumer goods space. The industrial goods sector closed flat.

It was observed that the activity chart was mixed yesterday as the number of deals declined by 8.42 per cent to 3,937 deals from 4,299 deals.

But for the trading volume, it went up by 48.03 per cent to 410.4 million from 277.2 million just as the trading value rose by 96.00 per cent to N6.0 billion from N3.1 billion.

The major reason for the rise in the trading volume and value was due to the huge demand for the shares of Dangote Sugar at the market yesterday and this made the company close as the most active with the sale of 107.1 million units worth N1.8 billion.

Union Bank traded 78.5 million shares worth N416.3 million, Transcorp sold 31.6 million stocks for N25.3 million, GTBank sold 26.8 million equities valued at N832.3 million, while Custodian Investment exchanged 24.7 million shares for N148.7 million.

A look at the price movement index showed that Livestock Feeds was the heaviest price loser as its price declined by 9.52 per cent to N1.90.

Chams lost 8.70 per cent to trade at 21 kobo, Cornerstone Insurance fell by 6.67 per cent to 56 kobo, Champion Breweries depreciated by 6.25 per cent to quote at N2.10, while Ecobank dropped 5.88 per cent to close at N4.80.

On the other side, Coronation Insurance (Wapic) gained 10.00 per cent to sell at 55 kobo, same as CAP, which grew by 10.00 per cent to N22.

NPF Microfinance Bank appreciated by 9.94 per cent to N1.77, Julius Berger improved by 9.89 per cent to N20.55, while FTN Cocoa gained 9.30 per cent to trade at 47 kobo.

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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