Stock Market Declines By N73bn As Profit-taking Continues

The Nigerian stock market closed on a negative note yesterday, extending the bearish trend from prior trading sessions with a loss of N73 billion.

The All Share Index (ASI) shed 114.41 points, representing a loss of 0.06 per cent to close at 194,370.20 points. Similarly, the market capitalization lost N73 billion to close at N124.754 trillion.

Also, the overall downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Skyway Aviation Handling Company, Vitafoam Nigeria, Nigerian Exchange Group, Nigerian Aviation Handling Company (NAHCO) and Custodian Investment.

On market outlook, Imperial Asset Managers Limited said, “following today’s market pullback, we expect a cautious trading pattern tomorrow. The large number of unchanged equities suggests that many market participants are adopting a wait-and-see approach at these elevated index levels, while profit-taking in heavy-weight Banking and Insurance tickers continues to dictate the broader market’s direction. We advise investors to tread carefully, selectively locking in profits while maintaining strategic positions in fundamentally sound, dividend-paying stocks.”

Market sentiment was heavily negative, with 54 declining counters overshadowing 22 advancing stocks. Jaiz Bank recorded the highest price gain of 9.95 per cent to close at N14.03, per share. Okomu Oil followed with a gain of 9.93 per cent to close at N1, 765.00, while Trans-Nationwide Express rose by 9.77 per cent to close at N2.36, per share.

Fortis Global Insurance rose by 9.72 per cent to close at 79 kobo, while Champion Breweries increased by 5.39 per cent to close at N17.60, per share.

On the other hand, ABC Transports and R.T. Briscoe led the losers’ chart by 10 per cent each to close at N6.75 and N10.35 respectively, per share. Skyway Aviation Handling Company followed with a decline of 9.98 per cent to close at N139.35, while Vitafoam Nigeria and Haldane McCall declined by 9.93 per cent each to close at N112.50 and N3.99, per share.

Also, the total volume traded increased by 19.32 per cent to 1.376 billion units, valued at N46.198 billion, and exchanged in 70,222 deals. Transactions in the shares of Fortis Global Insurance topped the activity chart with 193.692 million shares valued at N152.660 million. Zenith Bank followed with 120.666 million shares worth N11.067 billion, while Japaul Gold & Ventures traded 114.772 million shares valued at N406.974 million.

Ellah Lakes traded 98.370 million shares valued at N999.219 million, while Access Holdings sold 63.098 million shares worth N1.685 billion.