Profit-taking Deepens As Equities Market Slumps By N368bn

The Nigerian equities market sustained its bearish trajectory yesterday, with overall capitalisation declining by N368 billion.

The All-Share Index shed 580.48 per cent, representing a loss of 0.42 per cent, to close at 138,157.16 points. Similarly, the overall market capitalisation value depreciated by N368 billion to close at N87.416 trillion.

The market’s negative performance was driven by price depreciation in large and medium-capitalised stocks, including CAP, Nigerian Breweries, Aradel Holdings, PZ Cussons Nigeria, and AXA Mansard Insurance.

On market outlook, Afrinvest Limited said, “We expect a cautious trading session as lingering profit-taking and weak investor sentiment exert pressure on key sectors, likely extending the market’s downward trend.”

Market sentiment remained subdued, as shown by a negative breadth, with 14 stocks advancing compared to 43 decliners. Secure Electronic Technology recorded the highest price gain, 9.09 per cent, to close at 96 kobo per share. Consolidated Hallmark Holdings followed with a gain of 8.53 per cent to close at N4.20, while John Holts rose by 7.94 per cent to close at N6.80 per share.

Cadbury Nigeria appreciated by 5.45 per cent to close at N58.00, while Wema Bank rose by 5.31 per cent to close at N20.80 per share.

On the other hand, DAAR Communications, Learn Africa and Legend Internet led the losers’ chart by 10 per cent each to close at 90 kobo, N7.02 and N4.77 respectively, per share.

AXA Mansard Insurance followed with a decline of 9.95 per cent to close at N14.39, while Universal Insurance declined by 9.60 per cent to close at N1.13, per share.

Meanwhile, the total trade volume increased by 19.34 per cent to 482.761 million units, valued at N19.673 billion, and exchanged in 28,193 deals. Transactions in the shares of Access Holdings topped the activity chart with 43.033 million shares valued at N1.101 billion. Fidelity Bank followed with 40.129 million shares worth N843.768 million, while Guaranty Trust Holding Company (GTCO) traded 34.846 million shares valued at N3.158 billion.

United Bank for Africa (UBA) traded 33.430 million shares valued at N1.535 billion, while AIICO Insurance transacted 29.079 million shares worth N91.571 million.