Four straight sessions of growth on the Nigerian Exchange Limited (NGX) were interrupted by investors taking profits as the market capitalization fell by N297 billion.
The All-Share Index (ASI) closed at 70,042.28 points yesterday after losing 539.48 points, or 0.76 percent. Additionally, market capitalization dropped to N38.481 trillion at the end, down N297 billion.
The stock market’s negative trend was notably fueled by price depreciations in MTN Nigeria Communications (MTNN), BUA Cement, Nigerian Aviation Handling Company (NAHCO), FBN Holdings (FBNH), and CAP.
“With most of the Q3 earnings results out of the way, investors have started to take profit on recent gainers,” according to analysts at Vetiva Dealings & Brokerage. “Market sentiment tilted towards the bears after the session ended with 28 losers against 26 advancers.” To end the week, we anticipate a mixed sectoral performance.”
Market mood was negative as shown by the market breadth, with 26 equities rising compared to 28 falling. The largest price gainer was Omatek Ventures, which gained 10% to close at 55 kobo. Academy Press came in second with a gain of 9.83% to settle at N1.90 kobo.
Tantalizers and Prestige Assurance both saw increases of 9.76% to close at 45 kobo, while DAAR Communications saw an increase of 8.70% to close at 25 kobo.
Conversely, Chams Holding Company closed at N2.20 kobo, leading others on the losers’ chart with 9.84 percent. R.T. Briscoe Nigeria saw a fall of 8.51% to close at 43 kobo, while International Breweries followed with a decline of 8.79% to conclude at N4.15 kobo.
While FBNH saw an 8.14 percent depreciation to conclude at N18.05 kobo, Thomas Wyatt Nigeria saw an 8.42 percent loss to close at N3.70. With 525.457 million units sold in 8,396 trades for a total value of N6.089 billion, the overall volume traded fell by 12.68%.
The majority of the activity was transactions involving Japaul Gold and Ventures shares, with 92.015 million shares valued at N124.950 million. United Bank for Africa (UBA) traded 46.313 million shares valued at N971.342 million, while Fidelity Bank came in second with an account of 67.033 million shares priced at N557.365 million.
While Chams Holding Company traded 30.951 million shares worth N72.881 million, FCMB Group traded 42.617 million shares worth N262.590 million.
