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Profit Taking Drags NSE’s Benchmark Index Down By 1.49%



At the end of yesterday’s trading session, the Nigerian stock market benchmark index shed 1.49 per cent as investors booked profit in high capitalised stocks.
The All- Share- Index (ASI) shed 519.31 absolute points or 1.49 per cent to close at 40,615.42 points, resulting to year-to-date loss of 10.01 per cent. Also, the market capitalisation declined by N189 billion to close at N12.564 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company, Dangote Cement, Stanbic IBTC, Flour Mills Nigeria and Ecobank Transnational Incorporated. Analysts at Afrinvest Limited said that “going forward, we believe market performance will remain largely bearish as sentiments remain soft.”

Market breadth closed negative, with 20 gainers versus 26 losers. CI Leasing recorded the highest price gain of 9.93 per cent, to close at N2.99 per share. Consolidated Hallmark Insurance followed with a gain of 8.57 per cent to close at 38 kobo, while Jaiz Bank appreciated by 8.16 per cent to close at 53 kobo per share.
Sterling Bank appreciated by 5.84 per cent to close at N1.45, while Forte Oil Insurance gained 5.26 per cent to close at N20 per share. On the other hand, Mutual Benefit Assurance led the losers’ chart by 10 per cent, to close at 27 kobo per share. Learn Africa followed with a decline of 9.82 per cent to close at N1.01, while Chams depreciated by 9.68 per cent to close at 28 kobo per share.

Law Union & Rock Insurance declined by 9.59 per cent to close at 66 kobo and Niger Insurance also shed 9.09 per cent to close at 40 kobo per share. Similarly, the total volume traded depreciated by 16.7 per cent to 200.28 million shares, worth N2.16 billion, and traded in 3,224 deals.
Transactions in the shares of united Bank for Africa (UBA) topped the activity chart with 22.48 million shares valued at N180.35 million. Stanbic IBTC Holdings followed with 19.24 million shares worth N904.22 million, while FCMB Groups traded 19.13 million shares valued at N34.93 million.
Skye Bank traded 18.5 million shares valued at N9.67 million, while Aiico Insurance transacted 15.23 million shares worth N14.37 million.