The Nigerian stock market yesterday lost N12 billion on sustained profit taking activity in 18 equities.
In summary, the All-Share Index (ASI) declined by 10.12 absolute points, representing a decrease of 0.02 per cent, to close at 43,245.02 points. Similarly, the overall market capitalisation value dropped by N12 billion to close at N22.565 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Stanbic IBTC Holdings, Eterna, Honeywell Flour Mills, FBN Holdings and United Capital.
Analysts at Afrinvest Limited said: “in the next trading session, we anticipate mild gains due to bargain hunting on fundamentally sound stocks with attractive prices.”
However, the market breadth closed positive, recording 23 gainers as against18 losers. LivingTrust Mortgage Bank recorded the highest price gain of 10 per cent to close at 88 kobo, per share. Chams Plc followed with a gain 9.52 per cent to close at 23 kobo, while AIICO Insurance went up by 9.26 per cent to close at 59 kobo, per share.
Ikeja Hotel rose by 8.70 per cent to close at N1.25, while Nigerian Exchange Group (NGXGroup) gained 7.84 per cent to close at N16.50, per share. On the other hand, Honeywell Flour Mills led the losers’ chart by 9.78 per cent to close at N3.69, per share.
na followed with a decline of 9.02 per cent to close at N6.05, while Regency Alliance Insurance lost 7.69 per cent to close at 36 kobo, per share.
Cornerstone Insurance lost 7.14 per cent to close at 52 kobo, while Wema Bank shed 3.61 per cent to close at 80 kobo, per share.
The total volume of trades increased by 11.57 per cent to 243.185 million units, valued at N3.747 billion, and exchanged in 3,777 deals. Transactions in the shares of Zenith Bank topped the activity chart with 37.408 million shares valued at N908.424 million. FCMB Group followed with 27.441 million shares worth N88.579 million, while Honeywell Flour Mills traded 22.856 million shares valued at N87.590 million.
Sterling Bank traded 22.764 million shares valued at N33.695 million, while Access Bank transacted 14.118 million shares worth N131.894 million.