The equities market of the Nigerian Exchange Limited (NGX) yesterday sustained its investors’ profit-taking as the NGX All-Share Index (ASI) dropped by 0.34 per cent.
The All-Share Index declined by 144.35 per cent, representing a decrease of 0.34 per cent, to close at 42,244.22 basis points from 42,388.57 basis points. Similarly, the overall market capitalisation value lost N76 billion to close at N22.050 trillion from N22.126trillion the equities market opened for trading.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; MTNN, Lafarge Africa, Zenith Bank, Union Bank of Nigeria (UBN) and FBN Holdings (FBNH).
However, market breadth closed positive as 17 stocks gained relative to 14 decliners. Cutix and May & Baker Nigeria recorded the highest price gain of 10 per cent each to close at N2.64 and N4.51, respectively, while UACN Property Development Company (UPDC) followed with a gain of 7.76 per cent to close at N1.25, per share.
Consolidated Hallmark Insurance rose by 5.08 per cent to close at 62 kobo, while Chams appreciated by five per cent to close at 21 kobo, per share.
On the other hand, Royal Exchange led the losers’ chart by 6.67 per cent to close at 70 kobo, per share. Lasaco Assurance followed with a decline of 6.36 per cent to close at N1.03, while UBN lost 5.15 per cent to close at N4.60, per share.
FCMB Group declined 4.33 per cent to close at N2.87, while Oando shed 3.96 per cent to close at N4.37, per share.
The total volume traded decreased by 18.8 per cent to 224.027 million units, valued at N2.658 billion, and exchanged in 2,677 deals.
Transactions in the shares of UAC of Nigeria (UACN) topped the activity chart with 77.367 million shares valued at N696.465 billion. Mutual Benefits Assurance followed with 15.040 million shares worth N4.326 million, while Sovereign Trust Insurance traded 12.150 million shares valued at N3.005 million.
Veritas Kapital Assurance traded 9.633 million shares valued at N2.023 million, while Access Bank transacted 8.984 million shares worth N80.904 million.
On market performance, analysts at Afrinvest Limited said that “We expect the market to trend southwards in the next trading session, driven by weak investor sentiment.”
Also, analysts at InvestmentOne research said, “The equities market closed negative today due to the losses printed across major sectors.
“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.
“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”
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