Market decline

Stock market decline by N71bnon Profit taking in Seplat, NB, others

Kayode Tokede

Profit taking by investors in Seplat Energy Plc, Nigerian Breweries Plc, MRS Oil Nigeria Plc, Ecobank Transnational Incorporated (ETI), among others, caused the Nigerian Exchange Limited (NGX) stock market to fall by 71 billion naira yesterday. .

Yesterday, the Seplat Energy share price fell 3.6% while Nigerian Breweries Plc and ETI depreciated by 5.1% and 8.57% respectively.

The aggregate market capitalization value fell 71 billion naira to close at 22.494 billion naira yesterday, compared to 22.565 billion naira that the stock market opened for trading.

As a result, the NGX All Share-Index market fell another 0.32 percent yesterday to close at 43,108.77 basis points from 43,245.02 basis points amid sustained profit-taking activity.

On the sectors, the insurance index appreciated by 0.6, to record the only gain, while oil and gas depreciated by 1.6, the bank also by 1.2 percent and the consumer goods fell 1.1 percent.

As measured by the breadth of the market, market sentiment was negative with 24 stocks losing to 14 gainers. Honeywell Flour Mills recorded the highest price gain of 9.76 percent to close at N 4.05, while AIICO Insurance followed with a gain of 8.47 percent to close at 64 kobo, per share.

Regency Alliance Insurance rose 8.33% to close at 39 kobo, while Ikeja Hotel and University Press appreciated 8% each to close at N 1.35 and N 2.70 per share respectively.

On the other hand, MRS Oil Nigeria led the losing chart by 9.87 percent to close at N13.70 per share. Chams followed with a decline of 8.70% to close at 21 kobo, while ETI lost 8.57% to close at N 8.00, per share.

Consolidated Hallmark Insurance fell 8.06% to close at 57kobo, while Unity Bank lost 7.27% to close at 51kobo, per share.

Total volume traded increased 9.4% to 266.115 million units, valued at 4.216 billion naira, and traded in 3,905 transactions.

Trading in shares of Honeywell Flour Mills dominated the activity chart with 52.467 million shares valued at 209.572 million naira. Guaranty Trust Bank Holding Company (GTCO) followed with 22.958 million shares worth 578.562 million Naira, while Zenith Bank traded 22.886 million shares worth 559.038 million Naira.

The Transnational Corporation of Nigeria (Transcorp) traded 18.465 million shares worth N17.728 million, while Access Bank traded 13.938 million shares worth N127.370 million.