Equities market drops 0.88% on investors’ sentiment trading

The equities market  reversed the uptrend to post a decline of 0.88 per cent, yesterday on profit taking investors.

In summary, lead indicator, Nigerian Stock Exchange (NSE ASI) shed 233.98 basis  points, representing a decline of 0.88 per cent to close at 26,346.24 basis  points.

Similarly, the market capitalization depreciated by N81 billion to close at N9.065 trillion from N9.146 trillion it opened today for market activities.

The downturn was heightened by value depreciation recorded by a number of large capitalised stocks, amongst are Seven Up, Mobil, Guaranty Trust Bank, Dangote Cement and Forte Oil.

Analysts noted that yesterday’s performance may be attributed to profit taking in bellwether stocks.

They advised investors to trade cautiously and stay invested in the value stocks.

Market breadth closed negative with 19 gainers and 25 losers. UAC Property led the gainers table by five per cent to close at N3.15 per share.

Continental Reinsurance followed with a gain of 4.76 per cent to close at N1.10, while Nahco appreciated by 4.63 per cent to close at N2.71 per share.

Also, Airline Service went up by 4.40 per cent to close at N2.61 and Wapic Insurance rose by 3.85 per cent to close at 54 kobo per share.

On the other hand, Cutix led the laggards’ table by 9.52 per cent to close at N1.71 per share. Cutix trailed with a loss of 9.30 per cent to close at 78 kobo, while Seven Up went down by 9.10 per cent to close at N111.40 per share.

Fidson declined by 4.51 per cent to close at N1.27, while May and Baker shed by 4.26 per cent to close at 90 kobo per share.

Meanwhile, the total volume traded rose by 78.4 per cent to 372.85 million shares, valued at N1.33 billion and traded in 4,068 deals.

Transactions in the shares of Omoluwabi Savings & Loans topped the activity chart with 93.5 million shares valued at N83.95 million.

Fidelity Bank followed with 39.37 million shares worth N36.03 million, while FCMB traded 37.14 million shares valued at N49.5 million.

Custodian and Allied Insurance traded 39.94 million shares worth N134.79 million and Diamond Bank transacted 27.87 million shares valued at N27.88 million.