Profit-taking Wave Drags Equities Market Lower By N557bn

The Nigerian equities market yesterday closed negatively, with the market capitalisation declining by N557 billion amid renewed profit-taking.

The All Share Index (ASI) lost by 870.23 points, representing a decline of 0.52 per cent to close at 165,397.37 points. Also, market capitalisation shed N557 billion to close at N105.886 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, NASCON Allied Industries, Nigerian Breweries, Fidson Healthcare and Zenith Bank.

On market outlook, analysts at Futureview Group said, “We expect investors to trade cautiously, focusing on fundamentally strong stocks with attractive valuations.”

Market breadth was negative, with 39 declining counters overshadowing 37 advancing stocks. John Holts, NCR Nigeria, and Infinity Trust Mortgage Bank recorded the highest price gains of 10 per cent each, closing at N7.70, N188.15, and N7.70 per share, respectively.

DEAP Capital Management & Trust followed with a gain of 9.97 per cent to close at N6.51, while Austin Laz & Company went up by 9.95 per cent to close at N4.09, per share.

On the other hand, Omatek Ventures led the losers’ chart by 9.40 per cent to close at N2.12, per share. International Energy Insurance followed with a decline of 6.06 per cent to close at N3.10, while International Breweries declined by 6.00 per cent to close at N14.10 per share.

NEM Insurance depreciated by 5.60 per cent to close at N32.00, while Lafarge Africa declined by 5.06 per cent to close at N150.00, per share.

Also, the total volume traded decreased by 6.62 per cent to 768.256 million units, valued at N21.189 billion, and exchanged in 46,481 deals. Transactions in the shares of Access Holdings topped the activity chart with 54.275 million shares valued at N1.225 billion. DEAP Capital Management & Trust followed with 51.158 million shares worth N299.548 million, while Tantalizers traded 41.865 million shares valued at N169.505 million

Omatek Ventures traded 33.522 million shares valued at N77.908 million, while Japaul Gold & Ventures sold 31.497 million shares worth N80.086 million.