Yesterday, profit-taking in numerous blue-chip stocks, particularly MTN Nigeria (MTNN) and Unilever, caused the all-share index (ASI) to decline by 0.5%, reigniting unfavorable sentiment in the market’s equity segment.
The market value of listed securities decreased by N187 billion to N35.75 trillion as of yesterday’s close of business from N35.93 trillion recorded the day before.
Additionally, the NGX ASI fell from its previous day’s closing position of 65991.02 points to 65687.16 points, a decrease of 303.86 basis points.
Price declines of major and medium capitalized stocks, including MTN N, Unilever, Cadbury, NGX Group, FBN Holdings, Accesscorp, and Eternaoil, had an impact on the downturn.
Analysts ascribed the decline to investors’ profit-taking on the Exchange. They claim that in order to recover their investments, investors have taken advantage of the recent market capital gains.
Market mood was upbeat as indicated by market breadth, with 32 stocks rising and 24 stocks falling.
With 10% gains to close at 66 kobo, 3.96 kobo, and N1693.60 kobo, respectively, Courteville Business Solutions, NCR, and Seplat Energy headed the list of gainers in percentage terms. FTNCocaa was next with a gain of 9.92% to close at N2.66 kobo, and Japaul Gold also increased by 9.9% to close at N1.11 kobo.
To close at N2.11 kobo, livestock increased by 9.90 kobo. The value of Learn Africa increased by 9.76% to close at N4.05 kobo. Academy Press increased its closing percentage by 9.72% to N2.37%.
To close at N1.15 kobo, chams increased by 9.52 percent. With a 9.09 percent gain, Sunu Assurance closed at 60 kobo. Sky Aviation increased 8.44% to finish at N21.20 kobo. Additionally, Cornerstone Insurance climbed by 7.95% to finish at 95 kobo.
Contrarily, Cadbury Nigeria Plc and Unilever Nigeria Plc suffered the greatest losses, losing 10% apiece to settle at N15.30 kobo and N15.75 kobo, respectively, while Multiverse lagged behind with a decline of 9.97% to close at N2.71 kobo.
Omatek decreased by 9.62% to close at 47 kobo, and Champion Breweries decreased by 7.45% to finish at N3.48 kobo. Veritas Kapital decreased 6.90 Ko to finish the day at 27 Ko. To end the day at N1.02 kobo, CHI Plc lost 6.42 percent.
RTBriscoe lost 5.66% of its value to close at 50 kobo. In order to close at N1.36 kobo, Caverton decreased by 5.56%. NGX Group fell 5.19% to end the day at N26.50 kobo. To close at N4.60 kobo, International Breweries lost 5.15 percent. Additionally down 4.87 percent to settle at N20.50 kobo was FBN Holdings.
Investors traded 553.52 million shares worth N7.42 billion in 8313 trades compared to 500.43 million shares worth N7.14 billion traded for 500.43 million in 7345 deals.
United Bank for Africa share transactions, totaling 58.309 million shares valued at N871.358 million, topped the activity list for the day.
FBNHoldings traded 28.026 million shares for N590.512 million, AccessCorp Plc traded 55.244 million shares for N991.195 million, Universal Insurance traded 32.664 million shares for N7.638 million, and Zenith Bank traded 26.476 million shares for N933.512 million.
