Stock market index depreciates by 0.3% on renewed profit taking

Trading on the equity sector of the Nigerian Stock Exchange (NSE) closed on a downturn yesterday, following renewed profit taking, causing the All-share index to plummet by 0.3 per cent.

Yesterday, the All- share index (ASI) was down by 76.37 absolute points, representing a decrease of 0.25 per cent to close at 30,642.35 points. Similarly, the market capitalisation decreased by N28 billion, closing at N11.193 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil Nigeria, Nigerian breweries, Conoil, Dangote Sugar and Ecobank Transnational Incorporated (ETI).

Analysts at Afrinvest Limited said: “In subsequent trading sessions, we expect the undulating trend recorded thus far to persist while we maintain our conscious outlook for the market in the near term.”

Afrinvest Securities Limited said: “In subsequent trading sessions, we expect the undulating trend recorded thus far to persist while we maintain our conscious outlook for the market in the near term.”

However, market breadth closed positive, recorded 24 gainers against 20 losers. Chemical And Allied Products (CAP) recorded the highest price gain of 10 per cent, to close at N34.65 per share. Forte Oil followed with a gain of 9.75 per cent to close at N21.95, while Japaul Oil & Maritime Services rose 9.52 per cent to close at 23 kobo, per share.

Champion Breweries appreciated by 9.43 per cent to close at N1.74, while Prestige Assurance up by 9.30 per cent to close at 47 kobo, per share.On the other hand, Conoil and AXAMansard Insurance led the losers’ chart by 10 per cent, each to close at N20.25 and N1.80, respectively, Chams followed with a decline of 9.09 per cent to close at 20 kobo, per share.

AG Leventis Nigeria shed 7.41 per cent to close at 25 kobo, while Mobil Nigeria depreciated by 5.50 per cent, to close at N151.20, per share.
Total volume of trades increased by 14.28 per cent to 246.13 million units, valued at N3.69 billion and exchanged in 3,141 deals. Transactions in the shares of Zenith Bank topped the activity chart with 55.34 million shares valued at N1.32 billion.

FBN Holdings followed with 54.01 million shares worth N398.16 million, while Access Bank traded 21.01 million shares valued at N156.6 million.
Diamond Bank traded 18.45 million shares valued at N17.37 million, while Guaranty Trust Bank transacted 17.75 million shares worth N614.39 million.