Profit-Taking Drags NGX Market Capitalisation Down By N100bn

Profit-taking by investors in several blue-chip and mid-cap stocks weighed on the Nigerian equities market on Wednesday, sending the Nigerian Exchange Limited (NGX) into negative territory.

Market data from the NGX Daily Official List showed that market capitalisation declined by about N100 billion to N126.10 trillion, down from N126.20 trillion recorded on March 3.

In the same vein, the All-Share Index (ASI) dropped by 158.74 points to close at 196,463.22 points, compared with 196,621.96 points in the previous trading session.

Despite the decline in overall market performance, trading activity was mixed, with 22 stocks rising and 37 closing lower.

On the gainers’ chart, Premier Paints Plc led the pack after advancing by 10 per cent to close at N12.10, up from N11.00 recorded in the previous session.

FTG Insurance Plc followed with a 9.73 per cent increase to N1.24, while UACN Plc gained 7.78 per cent to close at N115.00 per share.

Other notable gainers included Eterna Plc, which appreciated by 6.38 per cent to N35.00, and Custodian Investment Plc, which rose by 6.06 per cent to close at N70.00 per share.

Additional stocks that recorded price appreciation during the session included NSLTech, Tantalizers, LivingTrust Mortgage Bank, Caverton Offshore Support Group, NGX Group, Conhall Plc, NEM Insurance, UPDC, MTN Nigeria, United Bank for Africa (UBA), Sovereign Insurance, Cornerstone Insurance, DEAP Capital, VFD Group, Lasaco Assurance, International Energy Insurance, and GTCO.

However, profit-taking pressure pushed several stocks into the losers’ category.

Dangote Sugar Refinery Plc topped the losers’ chart after shedding 10 per cent to close at N74.70, down from N83.00.

Jaiz Bank Plc also fell by 10 per cent to close at N10.80, while Chemical and Allied Products (CAP) Plc declined by 9.97 per cent to N84.85 per share.

Other notable decliners included Union Dicon Salt, Honeywell Flour Mills, Omatek Ventures, McNichols Plc, Vitafoam Nigeria, FCMB Group, DAAR Communications, Guinea Insurance, and E-Tranzact International.

Further losses were recorded in Japaul Gold, NPF Microfinance Bank, Neimeth International Pharmaceuticals, Sterling Financial Holdings Company, Chams Plc, Ellah Lakes, FTN Cocoa Processors, Access Holdings, International Breweries, AIICO Insurance, Transcorp, Computer Warehouse Group, African Prudential, UPDC REIT, United Capital, Champion Breweries, Livestock Feeds, Nigerian Breweries, Oando, Veritas Kapital, Wema Bank, Tripple Gee, and First Holdco.

Sectoral indices recorded marginal movements, with the NGX Consumer Goods Index closing at 4,386.56 points, while the NGX Oil and Gas Index settled at 4,441.94 points.

The NGX Industrial Index closed at 7,507.34 points, while the NGX Growth Index stood at 31,517.74 points at the end of trading.