The stock market of the Nigerian Exchange Limited (NGX) on Thursday dropped by N35 billion on sustained profit-taking by investors.
The NGX All-Share Index declined by 64.72 basis points or 0.14 per cent, to close at 47,296.07 basis points. Similarly, the overall market capitalisation value lost N35 billion to close at N25.490 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Guinness Nigeria, Nigerian Exchange Group (NGXGroup), Chemical and Allied Products (CAP), Presco and Nascon Allied Industries.
The market breadth was negative as 34 stocks deprecated against 12 gainers. Associated Bus Company recorded the highest price gain of 9.38 per cent to close at 35 kobo, while Lasaco Assurance followed with a gain of 7.62 per cent to close at N1.13, per share.
Jaiz Bank rose by 5.71 per cent to close at 74 kobo, per share, while Linkage Assurance and Africa Prudential up by 3.85 per cent each to close at 54 kobo and N6.75 respectively, per share.
On the other hand, CAP and R.T. Briscoe Nigeria recorded the highest price loss of 10 per cent each to close at N17.55 and 63 kobo respectively, while NGX Group followed with a loss of 9.96 per cent to close at N20.80, per share.
Red Star Express down by 9.78 per cent to close at N203.32, while Royal Exchange declined 9.70 per cent to close at N1.49, per share.
The total volume of trades decreased by 13.04 per cent to 243.437 million units, valued at N6.875 billion, and exchanged in 7,056 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 28.223 million shares valued at N30.242 million. MTN Nigeria Communications (MTNN) followed with 22.735 million shares worth N4.653 billion, while NGX Group traded 22.129 million shares valued at N463.076 million.
FBB Holdings (FBNH) traded 13.983 million shares valued at N154.602 million, while UACN Property Development Company (UPDC) transacted 12.815 million shares worth N11.940 million.
Analysts at GTI Securities Limited said that “We expect positive sentiments to return to the market as investors look to take positions in blue-chip stocks in expectation of audited results from more companies in the near future.”