Market decline

Profit-taking persists as stock market falls by N17 billion

Darasimi Adebisi

The Nigerian stock market yesterday extended bearish sentiment to two consecutive trading sessions as investor wealth fell by N17 billion.

The negative performance is due to the sell-off sentiment in the banking sector.

In summary, the NGX All-Share (ASI) index lost 32.57 points, down 0.08% to close at 38,873.85 points. Likewise, the overall value of market capitalization fell 17 billion naira to close at 20,254 billion naira.

On the sectors, the indices of industrial goods (+ 0.1%), insurance (+ 0.1%) and oil and gas (+ 0.1%) recorded gains, the banking index (-1 , 0%) fell while the consumer goods index closed. apartment.

The negative performance of the market was due to the depreciation of the prices of large and mid-capitalization stocks which are; Zenith Bank, Guaranty Trust Holding Company (GTCO), Neimeth International Pharmaceuticals, Access Bank and Flour Mills of Nigeria.

However, the market width closed positively, registering 16 winners against 13 losers. MRS Oil Nigeria recorded the highest price gain of 9.75 percent to close at N 15.20 per share. Veritas Kapital Assurance followed with a gain of 9.52% to close at 23kobo, while Regency Alliance Insurance rose 6.82% to close at 47kobo, per share.

Unity Bank rose 3.77% to close at 55kobo, while Courteville Business Solutions gained 3.23% to close at 32kobo, per share. On the other hand, Neimeth International Pharmaceuticals led the losing chart 7.89 percent to close at N 1.75, per share. Chams followed with a 4.35% drop to close at 22kobo, while Japaul Gold and Ventures fell 4.08% to close at 47kobo, per share.

Sovereign Trust Insurance lost 4% to close at 24kobo, while Wema Bank lost 3.80% to close at 76kobo, per share.

Meanwhile, the total transaction volume increased 1.4 percent to 184.443 million units, valued at 2.343 billion naira, and traded in 3,809 transactions. Transactions in shares of United Bank for Africa dominated the activity chart with 38.994 million shares valued at 297.641 million naira. GTCO followed with 19.037 million shares worth 517.862 million Naira, while Zenith Bank traded 14.199 million shares worth 326.522 million Naira.

United Capital traded 12.888 million shares worth 114.177 million naira, while Access Bank traded 10.083 million shares worth 90.171 million naira.

Analysts at Afrinvest Limited said that “Following improved sentiment, we expect a positive performance in the next trading session as investors take positions in attractive stocks”.