Profit-taking Drags Stock Market Performance Down

The Nigerian stock market yesterday closed in the red as profit-taking in MTN Nigeria Communications (MTNN) and 13 others dragged the market down by N110 billion.

The All-Share Index declined by 203.65 per cent, representing a decrease of 0.43 per cent, to close at 46,960.29 points. Similarly, the overall market capitalisation value lost N110 billion to close at N25.309 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; MTNN, Flour Mills of Nigeria, Nigerian Exchange Group (NGXGroup), Guaranty Trust Holding Company (GTCO) and Zenith Bank.

GTI Securities Limited said: “profit-taking was seen across some major market sectors in yesterday’s market transaction following the previous day’s gain, as investors continue to hunt for the right instrument to beat the present economic crises. We expect cautious trading to continue pending any significant changes in the economic conditions.”

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However, market breadth was positive  as 16 stocks gained relative to 14 losers. Veritas Kapital Assurance recorded the highest price gain of 9.52 per cent to close at 23 kobo, per share. FCMB Group followed with a gain of 7.46 per cent to close at N3.60, while Custodian Investment up by 7.14 per cent to close at N7.50, per share.

Oando rose by 6.38per cent to close at N5.00, while AIICO Insurance gained 6.06 per cent to close at 70 kobo, per share.

On the other hand, R.T. Briscoe Nigeria led the losers’ chart by 9.72 per cent to close at 65 kobo, per share. Consolidated Hallmark Insurance followed with a decline of 9.09 per cent to close at 60 kobo, while Sterling Bank lost 3.80 per cent to close at N1.52, per share.

Flour Mills declined 3.13 per cent to close at N31.00, while Jaiz Bank shed 2.94 per cent to close at 66 kobo, per share.

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The total volume traded decreased by 19.7 per cent to 214.699 million units, valued at N2.626 billion, and exchanged in 4,03 deals.

Transactions in the shares of Fidelity Bank topped the activity chart with 48.260 million shares valued at N157.258 million. GTCO followed with 26.094 million shares worth N606.918 million, while Zenith Bank traded 20.175 million shares valued at N540.428 million

United Bank for Africa (UBA) traded 18.335 million shares valued at N139.653 million, while Custodian Investment transacted 17.531 million shares worth N125.227 million.

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