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Profit-taking Halts Three-day Gains on NGX

Ololade Omosan-Agie

The bears returned to the market yesterday to halt the gain recorded from Monday to Wednesday.

The bears were attracted by profit-taking in bellwether counters. Consequently, the Nigerian Exchange (NGX) Limited All-Share Index (ASI) fell 0.08 per cent to close at 38,469.87, while market capitalisation shed N26.7 billion to be at N20 trillion.

Although Prestige Assurance Plc led the price losers’ table, profit-taking in Access Bank Plc, United Bank for Africa Plc and Stanbic IBTC Holdings Plc led to the negative close. 

Specifically, Prestige Assurance Plc led the 16 losers with 10 per cent, trailed by Pharma Deko Plc with 9.7 per cent. University Press Plc went down by 7.8 per cent, just as Coronation Insurance Plc and Mutual Benefits Assurance Plc dipped by 5.0 per cent and 4.6 per cent respectively.

NASCON Allied Industries Plc and Access Bank Plc shed 4.1 per cent and 3.1 per cent in that order, while UBA and FCMB Group lost 2.6 per cent and 2.2 per cent. 

The loss by FCMB Group came despite the announcement by the group that its subsidiary, FCMB Pensions Managers Limited had acquired 60 per cent stake in AIICO Pensions Managers Limited, a subsidiary of AIICO Insurance Plc.
“This is made up of 33.9 per cent stake held by AIICO Insurance Plc and 26.1 per cent stake held by other shareholders in AIICO Pensions. 

The acquisition makes AIICO Pensions an indirect subsidiary of FCMB Group Plc. 

The goal is to combine the businesses of FCMB Pensions and AIICO Pensions to build a stronger and more resilient business,” FCMB Group said.

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