Investors’ Profit-taking Persists As Market Cap Drops By N18bn

The domestic equities market yesterday started the week’s trading with mixed sentiments as a loss in Presco and 16 others drove the market lower by N18 billion.

Also, Nigeria’s headline inflation maintained its uptrend for the sixth consecutive month, rising to its highest level in 17 years. According to the National Bureau of Statistics (NBS), consumer prices rose by 105 basis points to 19.64 per cent year-on-year in July, the highest print since September 2005.

The All Share Index (ASI) decreased by 34.64 absolute points, representing a decline of 0.07 per cent to close at 49,629.43 points. Similarly, the market capitalisation lost N18 billion to close at N26.769 trillion.

RELATED

Voting Begins In Lagos Local Gov’t Polls

1 minute ago

Anglican Church Bans Use Of Pulpit For Political Campaigns

5 minutes ago

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Presco, Dangote Sugar Refinery, Access Holdings, FBN Holdings (FBNH) and United Capital Plc.

This week, United Capital Plc expected the bear market to persist as the impact of the increased benchmark interest rate continues to weigh down equity markets.
“However, investors are expected to continue cherry-picking stocks with solid underlying fundamentals,” it said.
As measured by market breadth, market sentiment was negative, as 17 stocks lost relative to 12 gainers. Neimeth Pharmaceutical recorded the highest price gain of 9.29 per cent to close at N1.53, per share. Unity Bank followed with a gain 4.65 per cent to close at 45 kobo, while FCMB Group appreciated by 4.18 per cent to close at N3.49, per share.
Zenith Bank went up by 2.12 per cent to close at N21.70, while Transnational Corporation of Nigeria (Transcorp) appreciated by 0.93 per cent to close at N1.08, per share.
On the other hand, Presco led the losers’ chart by 9.97 per cent to close at N142.60, per share. Multiverse Mining & Exploration followed with a decline of 7.79 per cent to close at N2.25, while Ikeja Hotel went down by 5.51 to close at N1.20, per share.
Dangote Sugar Refinery lost 4.19 per cent to close at N16.00, while Jaiz Bank shed 3.30 per cent to close at 88 kobo, per share.
Also, the total volume traded declined by 71.9 per cent to 210.836 million units, valued at N2.188 billion, and exchanged in 4,122 deals. Transactions in the shares of eTranzact International topped the activity chart with 52.552 million shares valued at N119.835 million.
FBNH followed with 23.083 million shares worth N249.782 million, while United Bank for Africa (UBA) traded 21.897 million shares valued at N153.480 million.
Guaranty Trust Holding Company (GTCO) traded 15.517 million shares valued at N315.918 million, while Transcorp transacted 12.742 million shares worth N13.711 million.