Profit taking: NGX extends losing streak by N33bn
Profit-taking activities continued on Thursday in the Nigerian equities market as investors lost N33 billion on sell-offs in 23 stocks.
The News Agency of Nigeria (NAN) reports that the market capitalisation dipped N33 billion or 0.15 per cent to close at N22.589 trillion against N22.622 trillion on Wednesday.
Also, the All-Share Index lost 63.93 points or 0.15 per cent to close at 43,285.97 from 43,349.90 posted on Wednesday.
Accordingly, the month-to-date and year-to-date gains got lower at 3.0 per cent and 7.5 per cent, respectively.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; FBN Holdings (FBNH), Lafarge Africa, UACN, Nigerian Exchange Group (NGXGroup) and Guaranty Trust Holding Company (GTCO).
Analysts at Afrinvest Ltd said, “In the final trading session, we expect an extension of the prior day’s bearish performance in the absence of a positive driver.”
Market breadth was negative with 23 laggards, relative to 12 gainers.
Chams Plc led the losers’ chart in percentage terms by 8.70 per cent to close at 21k per share.
Regency Alliance Insurance followed with 7.50 per cent to close at 37k, while Unity Bank declined by 7.41 per cent to close at 50k per share.
FBNH shed 6.50 per cent to close at N11.50, while Associated Bus Company dropped 6.06 per cent to close at 31k per share.
Conversely, eTranzact International and Vitafoam Nigeria led the gainers’ chart in percentage terms with 10 per cent each to close at N2.09 and N20.90 per share, respectively.
Academy Press followed with 9.09 per cent to close at 36k per share.
Jaiz Bank was up by 6.45 per cent to close at 66k, while AXA Mansard Insurance appreciated by 6.33 per cent to close at N2.35 per share.
Also, the total volume of trades declined by 20.5 per cent to 210.55 million units valued at N2.61 billion exchanged in 3,423 deals.
This was in contrast with 264.79 million shares worth N6.08 billion traded in 4,230 deals on Wednesday.
Transactions in the shares of Sterling Bank topped the activity chart with 60.19 million shares valued at N90.31 million.
eTranzact International followed with 14.08 million shares worth N29.44 million, while Transcorp sold 13.14 million shares valued at N12.70 million.
GTCO traded 10.95 million shares worth N288.45 million, while Jaiz Bank accounted for 10.43 million shares valued at N6.95 million.
