Breaking News

Stock market loses N32.26bn as investors take profits

The equities market of Nigerian Exchange Limited slid by N32.26bn at the end of trading on Monday as investors cashed in on recent price appreciation.

The NGX All-Share index rose by 0.15 per cent, closing at 41,976.79 basis points from 42,038.60bps on Friday while the market capitalisation of stocks declined from N21.94tn to N21.91tn.

Market activities traded negative as the volume of shares traded slumped by 66.53 per cent to 378.15 million units valued at N3.24bn in 6,384 deals, compared to 1.13 billion shares worth N13.78bn in 5,458 deals on Friday.

Analysing by sectors, the NGX Oil & Gas, Banking, and Consumer Goods indices declined by 1.8 per cent, 0.4 per cent, and 0.3 per cent respectively while the NGX Insurance and Industrial Goods indices recorded gains of 1.9 per cent and 0.1 per cent respectively.

Market sentiment, as measured by market breadth, was largely negative as 33 firms’ depreciated while 20 tickers saw gains in share price.

Eterna Plc recorded the biggest loss on Monday as its share price tumbled by 9.94 per cent to close at N7.79 per share. UPDC lost 9.44 per cent to close at N1.63 per share.

Atop the gainers’ chart was Fidson Healthcare Industries Plc as its share price climbed by 9.92 per cent to N6.76 at the end of trading on the floor of the NGX.

Guinness Nigeria Plc gained 9.92 per cent gain as its share price closed at N39.9 on Monday.

Analysts at Atlas Portfolio Limited said, “The Nigeria equity market kick-starts the new month on a negative note as the market indicators declined by 0.15 per cent.

“The negative sentiment was driven by price decline in banking, consumer goods and oil and gas sectors as investors begin profit-taking from the recent price appreciation.”

Analysts at Cordros Capital said, “The Nigerian equities market started the week and month on a negative note as profit-taking witnessed in FBN Holdings Plc (-2.71 per cent), Guaranty Trust Holding Company Plc (-0.87 per cent), and Ecobank Transnational Incorporated (-4.49 per cent) caused a decline in the benchmark index.”

About Editor

Check Also

SEC to crackdown on Ponzi schemes, illegal fund managers

The Securities and Exchange Commission has vowed to continue to crack down on Ponzi schemes …

Leave a Reply