Stock Investors Lose N107bn As Profit-taking Persists

Investors on the Nigerian Exchange Limited (NGX) recorded another bout of losses as the market shed N107.01 billion on Wednesday due to profit-taking in major stocks, particularly Presco Plc and UACN Plc, which dragged the market into negative territory.

Market data showed that market capitalisation declined from N125.86 trillion on Tuesday to N125.75 trillion on Wednesday, representing a loss of N107.01 billion.

Similarly, the All-Share Index (ASI) fell by 166.11 points, or 0.08 per cent, to close at 195,898.54 points, compared with 196,064.65 points recorded in the previous trading session.

The decline reflected sustained profit-taking across several sectors of the market, particularly in consumer goods, insurance and industrial stocks.

Sectoral indices closed largely in the red, indicating broad-based selling pressure across the market. The NGX Main Board Index declined from 8,901.56 points to 8,894.65 points, while the NGX 30 Index dropped from 7,098.29 points to 7,095.46 points.

The NGX Consumer Goods Index also slipped from 4,379.36 points to 4,360.56 points, while the NGX Oil and Gas Index edged lower from 4,522.52 points to 4,519.78 points. In the same vein, the NGX Growth Index declined from 28,873.95 to 28,607.35, reflecting cautious investor sentiment.

However, some indices recorded gains during the trading session. The NGX AFR Dividend Yield Index rose from 28,427.09 points to 28,654.63 points, while the NGX MERI Growth Index increased from 13,897.73 points to 14,028.62 points.

Despite the overall negative market performance, 29 equities recorded price appreciation during the session. NGX Group Plc led the gainers’ chart with a 10 per cent increase in share price, rising from N169.50 to N186.45 per share.

Premium Paints Plc followed with a 9.92 per cent gain to close at N19.40, while Omatek Ventures Plc appreciated by 8.95 per cent to N2.80 per share.

Other notable gainers included Prestige Assurance Plc, which advanced by 8.39 per cent to N1.68, and Honeywell Flour Mills Plc, which rose by 6.67 per cent to close at N4.00 per share.

Also recording gains were AIICO Insurance Plc, C&I Leasing Plc, Neimeth International Pharmaceuticals Plc, and BUA Cement Plc, which climbed by 4.44 per cent to close at N235.00. Other stocks that ended the day higher included Fidson Healthcare Plc, Dangote Sugar Refinery Plc, FCMB Group Plc, United Capital Plc, and Wema Bank Plc.

On the losers’ chart, Presco Plc recorded the biggest decline, shedding 10 per cent of its share value to close at N2,083.90, down from N2,315.40.

UACN Plc followed with a 9.97 per cent drop to N104.25, while Morison Industries Plc declined by 9.94 per cent to close at N10.87 per share.

LivingTrust Mortgage Bank Plc also fell by 9.91 per cent to N4.82, while SCOA Nigeria Plc dropped by 9.86 per cent to settle at N25.15.

Other major decliners during the session included FTN Cocoa Processors Plc, Linkage Assurance Plc, Multiverse Mining and Exploration Plc, Alexandria Industries Plc, and Eterna Plc.

Several other stocks also recorded losses, including Sterling Financial Holdings Company, Champion Breweries Plc, Mansard Insurance Plc, Fidelity Bank Plc, Nigerian Breweries Plc, UBA Plc, Dangote Cement Plc, Oando Plc, Transcorp Plc, and Zenith Bank Plc.