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Investors’ wealth plummets by N6 billion on profit taking

Investors’ wealth plummets by N6 billion on profit takingTransactions on the equity sector of the Nigerian Stock Exchange (NSE) closed on a downward note yesterday, following price losses suffered by majority of the highly capitalised stocks, causing market capitalisation to plunge by N6 billion.

Yesterday, the All-Share Index (ASI), which measures the performance of listed equities shed 16.42 points, representing a 0.04 per cent slide to close at 40,772.26 points from 40, 788.68 at which it opened on Tuesday.

Similarly, the market capitalisation of listed equities lost N6 billion from N14,734 trillion to N14.727 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which were Seplat, International Breweries, Wapco, Nigerian Breweries and Union Bank.

Analysts at Afrinvest Limited said: “Despite the drag in yesterday’s performance, we believe bargain hunting opportunities still exist, however, we do not rule out the possibility of further profit taking on some stocks in subsequent trading sessions.”

Despite the decline, market breadth closed positive with 24 gainers against 18 losers, as Jaiz Bank recorded the highest price gain of 10 per cent, to close at 88 kobo per share.

Oando followed with a gain of 9.7 per cent to close at N9.05, while Skye Bank followed with a gain of 5.21 per cent to close at N1.01 per share.

Sterling Bank also appreciated by 4.94 per cent to close at N1.70, while Fidson Healthcare went up by 4.72 per cent to close at N5.77 per share.

On the other hand, Union Bank led the losers’ chart by 4.76 per cent, to close at N6 per share, trailed by Sovereign Trust Insurance, with a decline of 4.35 per cent to close at 22 kobo, while Consolidated Hallmark Insurance depreciated by 3.57 per cent to close at 27 kobo per share.

AG Leventis also declined by 3.39 per cent to close at 57 kobo, while Seplat went down by 3.29 per cent to close at N702 per share.

Investors, in all, exchanged a total share of 230.17 million valued at N4.32 billion in 4,090 deals.

The shares of Guaranty Trust Bank accounted for 69 per cent of the value traded with 67.37 million shares valued at N2.99 billion, followed by Fidelity Bank, with 14.94 million shares worth N38.41 million, while FBN Holdings traded 14.68 million shares valued at N182.7 million.

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