Equity market down by N40bn on profit takings

Equity market down by N40bn on profit takingsThe Nigerian equity market on Monday commenced the weekly activities on the negative trajectory as investors continued to take profits to increase capital gains.

Key market indicators, the NSE ASI, declined by 0.23 per cent as bargain hunters continued to take profits from gains recorded last week.

The market breath however closed positive with 22 losers against 35 gainers.

Consequently, the All-Share Index dipped 93.76 basis points or 0.23 per cent to close at 1,082.38 index points as against 41,176.14 recorded the previous trading session while market capitalisation of equities depreciated by N40bn from N21.53tn the last Friday to N21.49tn as market sentiment remained on the negative territory.

Meanwhile, a turnover1.01 billion shares exchanged in 7,404 deals was recorded in the day’s trading.

The insurance sub-sector was the most active (measured by turnover volume); with 229.92m shares exchanged by investors in 776 deals.

Volume in the sub-sector was largely driven by activities in the shares of SUNU Assurance Plc and Universal Insurance Plc.

Also, the premium sub-sector boosted by the activities in the shares of FBNH Plc and Access Bank Plc followed with a turnover of 135.74 million shares in 2,078 deals.

Further analysis of the day’s trading showed that in percentage terms, African Insurance Plc, AIICO Insurance Plc, Cadbury Nigeria Plc, RT Breicoe Plc, Tranex Plc and Universal Insurance Plc topped the day’s gainers’ table with 10 per cent each to close at 22 kobo, N1.32, N10.45, 22 kobo, 88 kobo and 22 kobo per share respectively while BOC Gases Plc followed with 9.98 per cent to close at N13.77 per share. Livestock Feeds Plc added 9.95 per cent to close at N2.32 per share.

On the flip side, Japaul Gold Plc led the losers with a drop of 6.58 per cent to close at N1.42 per share while Flour Mills Nigeria Plc shed 5.49 per cent to close at N31 per share. Wema Bank Plc shed 5.33 per cent to close at 71 kobo per share.

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