Equities Shed N313bn As Investors' Profit-taking Spree Persists

Extending its losing streak for the fifth successive session, the domestic equities market yesterday lost N313 billion as investors continued to take profit.

The All-Share Index (ASI) fell by 574.59 absolute points, representing a decrease of 1.04 per cent to close at 54,915.61 points. Accordingly, investors lost N313 billion in value as market capitalisation declined to N29.916 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), Ecobank Transnational Incorporated (ETI), Industrial & Medical Gases Nigeria, United Capital and Dangote Sugar Refinery.

On market outlook, analysts at GTI Securities said: “investors continue to pick safe stocks ahead of election uncertainties, we expect this negative performance to persist in the absence of any other catalyst.”

Market breadth closed remained negative as 25 stocks lost relative to eight gainers. Chams Holding Company recorded the highest price gain of 8.70 per cent to close at 25 kobo, per share. University Press followed with a gain of 7.57 per cent to close at N1.99, while LivingTrust Mortgage Bank gained 3.37 per cent to close at N3.07, per share.

Sterling Bank appreciated by 2.67 per cent to close at N1.54, while Zenith Bank rose by 2.52 per cent to close at N24.45, per share. On the other hand, ETI led the losers’ chart by 10 per cent to close at N10.80, per share. Industrial & Medical Gases Nigeria followed with a decline of 9.32 per cent each to close at N7.30, while Royal Exchange lost 8.22 per cent to close at 67 kobo, per share.

R.T. Briscoe Nigeria shed 7.69 per cent to close at 24 kobo, while International Energy Insurance shed 6.92 per cent to close at N1.21, per share.

Meanwhile the total volume of trade decreased by 24.23 per cent to 137.287 million units, valued at N1.510 billion, and exchanged in 3,489 deals.

Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 26.085 million shares valued at N33.979 million. Zenith Bank followed with 14.721 million shares worth N353.890 million, while Sterling Bank traded 13.231 million shares valued at N20.019 million.