Equity market drops by 0.20% as investors lose N20.5bn

The equity market resumed the first trading day of the last quarter on a negative note as lead key indicator the Nigerian Stock Exchange (NSE) All-Share Index depreciated 0.20 per cent to close at 28,277.93 basis points from 28,335.40 basis points it opened today.

Consequently, market capitalisation dropped by N20.5 billion to N9.712 trillion from its opening value  of N9.733 trillion.

Analysts at Meristem Securities Limited attributed the equities market performance in the day to profit taking on counters that have recorded considerable gains in the prior weeks.

“For the rest of the week, we expect a mixture of profit taking and bargain hunting activities in the market,” the company added.

Market performance, as measured by the NSE Indices, signalled weak performances across most sectors with NSE Banking Index and NSE Oil/Gas Index indices advancing by 1.40 per cent and 0.13 per cent respectively, while NSE Insurance Index and NSE-30 declined by 1.66 per cent, and 0.21 per cent accordingly.

Investor sentiment turned negative as market breadth closed with 11 gainers to 16 losers. Nestle Nigeria Plc led the list of declining stocks as it fell by N10 to close at N815 per share, Nigerian Breweries Plc followed with a decline of N4.15 to close at N145.85 per share.

Flourmills Nigeria Plc dropped by 82 kobo to close at N21.1 per share, while E-Tranzact Plc decreased by 29 kobo to close at N5.69 per share and UBA Plc recorded a depreciation of 19 kobo to close at N4.01 per share.

On the other hand, Guaranty Trust Bank Plc led the day’s gainers with an appreciation of 99 kobo to close at N24.99 per share. This was followed by Zenith Bank that added 36 kobo to close at N15.57 per share. Champion Breweries grew by 14 kobo to close at N2.65 per share, as Oando Plc improved by 7 kobo to close at N5.47 per share. Glaxosmithkline Plc appreciated by 5 kobo to close at N19.05 per share.

Market activity as measured by volume and value traded, settled at 198.1 million units and N1.317 billion respectively in comparison to 217.8 million units and N2.385 billion traded previously.

Trading in the top-three equities were Access Bank Plc with the sale of 41.1 million shares worth N225.7 million. FCMB Plc came second following the sale of 37.7 million units of shares worth N40.8 million and United Bank for Africa Plc sold 23.9 million units valued at N97.5 million.