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Nigerian Bourse Closes Bearish On Profit Taking

Activities on the Nigerian Stock Exchange (NSE) closed bearish on Thursday with the market capitalisation losing N91 billion due to profit-taking on banking stocks.

Specifically, the market capitalisation which opened at N18.19 trillion shed N91 billion or 0.50 per cent to close at N18.10 trillion.

Also, the All-Share Index dipped 174.36 points or 0.50 per cent to close at 34,643.65 from 34,818.01 recorded on Wednesday.

Accordingly, the Month-to-Date and Year-to-Date gains moderated to 13.5 per cent and 29.1 per cent, respectively.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Presco, Stanbic IBTC Holdings, Guaranty Trust Bank, Dangote Sugar Refinery and Zenith Bank.

Analysts at Afrinvest Ltd. expected the market to close negative this week on sustained profit-taking.

Also, Market sentiment, as measured by the market breadth, was negative as 28 stocks lost, relative to 19 gainers.

Presco dominated the losers’ chart in percentage terms dropping 9.97 per cent, to close at N71.80 per share.

FCMB Group followed with 9.85 per cent to close at N3.02, while Linkage Assurance lost 9.09 per cent to close at 50k per share.

Fidelity Bank shed 7.02 per cent to close at N2.65, while Wapic Insurance dipped 6.67 per cent to close at 42k per share.

On the other hand, BOC Gases led the gainers’ chart in percentage terms, gaining 9.90 per cent to close at N6.77 per share.

Eterna garnered 9.89 per cent to close at N4.78, while Red Star Express rose by 9.79 per cent to close at N3.59 per share.

May and Baker Nigeria garnered 9.75 per cent to close at N3.49, while Cornerstone Insurance appreciated by 9.43 per cent to close at 58k per share.

Also, the total volume traded declined by 44.80 per cent with 364.92 million shares worth N3.50 billion in 6,340 deals.

This was in contrast with 661.13 million shares valued at N8.29 billion achieved in 7,324 deals on Wednesday.

Transcorp topped the activity chart with 50.74 million shares worth N53.92 million.

FBN Holdings followed with 38.55 million shares valued at N292.39 million, while Access Bank traded 25.89 million shares worth N227.16 million.

United Bank for Africa sold 24.78 million shares valued at N214.22 million, while Fidelity Bank transacted 24.36 million shares worth N67.04 million.

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