BUSINESS

Equities Market Drops By 0.15% To Start Week On Investors Profit-taking

The Nigerian equities market has commenced trading for the week on decline as the market lost 0.15 per cent on profit-taking in 18 stocks.
The All-Share Index decreased by 70.37 absolute points, representing a dip of 0.15 per cent to close at 46,893.86 points. Similarly, the market capitalisation lost N38 billion to close at N25.273 trillion.
The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Zenith Bank, Ardova, FBN Holdings (FBNH), FCMB Group and Learn Africa.
GTI Securities Limited said that “The week starts off with a reverse of the last trading session, as sell-off persists across all sectors. We expect this to continue this week, with uncertainties hovering around the equity market.”
United Capital also said “This week, we expect to see continued profit-taking on positions that have appreciated while investors reduce market exposure as dividend season gradually draws to a close. We retain a preference for investors to continue to seek selling opportunities to reduce exposure to the domestic equities market.”
Market sentiment, as measured by market breadth, closed at par recording 18 gainers and 18 losers.
Beta Glass recorded the highest price gain of 9.92 per cent, to close at N58.20, per share.
PZ Cussons Nigeria followed with a gain 9.68 per cent to close at N10.20, while Livestock Feeds appreciated  by 9.03 per cent to close at N1.69, per share.
Linkage Assurance went up by 8.00 per cent to close at 54 kobo, while Jaiz Bank  appreciated by 6.06 per cent, to close at 70 kobo,  per share. On the other hand, Learn Africa led the losers’ chart by 9.68 per cent, to close at N1.96, per share. Unity Bank followed with a decline of 8.16 per cent to close at 45 kobo, while Caverton Offshore Support Group depreciated by 7.09 per cent to close at N1.18, per share.
FCMB Group lost 6.89 per cent to close at N3.11, while Transnational Corporation of Nigeria (Transcorp) shed 6.54 per cent to close at N1.00, per share.
However, the total volume traded rose by 103.2 per cent to 359.890 million shares, worth N2.611 billion, and traded in 5,163 deals. Transactions in the shares of Transcorp topped the activity chart with 92.001 million shares valued at N92.757 million. Sterling Bank followed with 50.739 million shares worth N76.618 million, while Fidelity Bank traded 46.677 million shares valued at N153.611 million.
Linkage Assurance traded 30.514 million shares valued at N15.274 million, while Access Holdings  transacted 15.458 million shares worth N156.404 million.
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