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Profit-taking Drains N35bn In Equities Trading

by Olushola Bello
3 years ago
in Business
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Sentiments remained bearish in the domestic equities market yesterday, as losses in Lafarge Africa and 21 others caused  0.12 per cent or N35 billion decline in the benchmark index.

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The All Share Index (ASI) decreased by 64.52 absolute points, representing a dip of 0.12 per cent to close at 52,122.00 points. Similarly, the market capitalisation lost N35 billion  to close at N28.107 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; International Breweries, Lafarge Africa, NEM Insurance, GlaxoSmithKline Consumer Nigeria (Glaxosmith) and Caverton Offshore Support Group.

On market outlook, analysts at GTI Securities Limited said: “equity market closed trading activities negative, with continued sell-off trend in all the major market sector. We expect the sell off to continue through the week, as investors react to the interest rate hike.“

As measured by market breadth, market sentiment was negative as 22 stocks lost relative to 13 gainers. Multiverse Mining and Exploration recorded the highest price gain of 9.55 per cent to close at N1.95, per share.Cornerstone Insurance followed with a gain 9.09 per cent to close at 72 kobo, while Regency Alliance Insurance up by 8.00 per cent to close at 27 kobo, per share.

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AIICO Insurance went up by 4.92 per cent to close at 64 kobo, while Learn Africa appreciated by 4.00 per cent to close at N2.60, per share. On the other hand, International Breweries led the losers’ chart by 9.17 per cent to close at N4.95, per share. Caverton Offshore Support Group followed with a decline of 8.80 per cent to close at N1.14, while  R.T. Briscoe Nigeria went down by 8.33 to close at 44 kobo, per share.

Chams lost 7.41 per cent to close at 25 kobo, while Lasaco Insurance shed 7.34 per cent to close at N1.01, per share.

The total volume traded declined by 36.2 per cent to 151.942 million units, valued at N2.157 billion, and exchanged in 3,447 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 33.849 million shares valued at N707.710 million. United Bank for Africa (UBA) followed with 14.238 million shares worth N105.394 million, while UAC of Nigeria (UACN) traded 12.470 million shares valued at N139.258 million.

Access Holdings traded 10.355 million shares valued at N94.092 million, while Zenith Bank transacted 9.488 million shares worth N207.889 million.

 


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