NSE reopens bearish as investors’ lose N119 billion amid profit-taking

NSE reopens bearish as investors’ lose N119 billion amid profit-takingThe Nigerian Stock Exchange (NSE), resumed trading on a downward note, Monday, occasioned by profit-taking in bellwether stocks, as investors wealth dipped N119 billion.

Yesterday, the All Share Index (ASI) shed 228.35 points or 0.91 per cent to 24,954.32 points. Accordingly, investors lost N119 billion in value as market capitalisation slipped to N13.018 trillion.

The downturn was impacted by losses recorded in medium and large value stocks, amongst which were; MTN Nigeria Communications (MTNN), BUA Cement, Zenith Bank, Ecobank Transnational Incorporated (ETI), and Guaranty Trust Bank.

Capital market analysts attributed the decline to profit-taking in stocks that have gained, maintaining a bearish outlook this week, as market fundamental remains susceptible to the negative effect of the COVID-19 pandemic and geo-political tensions.

Analysts at United Capital Plc, said: “Looking ahead, we expect the market to remain volatile, as investors lock funds in cheap and fundamentally sound stocks, while taking profit on some stocks that gained last week.”

Market breadth closed negative, 16 stocks posted gains while 25 declined. Fidson Healthcare and Red Star Express recorded the highest price gain of 10 per cent each to close at N3.30 and N3.63, respectively, while Cornerstone Insurance followed with 9.80 per cent to close at 56 kobo, per share.

Honeywell Flour Mills rose 9.78 per cent to close at N1.01, and Unity Bank gained 8.77 per cent to close at 62 kobo, per share.
On the other hand, Prestige Assurance led the losers’ chart by 10 per cent to close at 63 kobo per share.

Neimeth International Pharmaceuticals followed with 9.73 per cent each to close at N2.32, and Aiico Insurance shed 9.32 per cent to close at N1.07, per share.

ETI lost 7.34 per cent to close at N5.05, while UACN Property Development Company slipped 6.73 per cent to close at 97 kobo, per share.
Total volume traded also fell 29.51 per cent to 237.653 million shares worth N1.609 billion, traded in 4,808 deals.

Transactions in the shares of FBN Holdings topped the activity chart with 24.351 million shares valued at N128.757 million. Zenith Bank followed with 24.136 million shares worth N392.360 million, and FCMB Group traded 19.468 million shares at N33.483 million.

Caverton Offshore Support Group traded 17.374 million shares valued at N39.017 million, while United Bank for Africa (UBA) transacted 14.639 million shares worth N95.741 million.

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