Equities Market Declines By N9bn On Profit-Taking In Banking, Oil & Gas Stocks

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Trading on the Nigerian equities market yesterday started the week marginally lower, as investors profit-taking in Banking and Oil & gas stocks down the market by N9 billion.

In summary, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) dipped by 16.94 basis points, representing a decline of 0.04 per cent, to close at 39,505.40 basis points. Similarly, the overall market capitalisation value lost N9 billion to close at N20.583 trillion.

Sectoral performance revealed that Banking (-0.7per cent), Oil & Gas (-0.3per cent) and Industrial Goods (-0.1per cent) indices declined, while the Insurance and Consumer Goods indices closed flat.

The market negative performance was driven by price depreciation in large and medium capitalised stocks amongst which are; CAP Plc, Lafarge Africa, Zenith Bank, Fidelity Bank and Ecobank Transnational Incorporated (ETI).

However, the market breadth closed positively, recording 24 gainers as against 15 losers. MRS Oil Nigeria recorded the highest price gain of 9.92 per cent to close at N13.85, per share. May and Baker Nigeria followed with a gain 9.77 per cent to close at N4.83, while Honeywell Flour Mill went up by 9.76 per cent to close at N2.25, per share.

Mutual Benefits Assurance rose by 8.82 per cent to close at 37 kobo, while FTN Cocoa Processors gained 6.82 per cent each to close at 47 kobo, per share.

On the other hand, Associated Bus Company led the losers’ chart by 8.33 per cent to close at 33 kobo, per share. Lasaco Assurance followed with a decline of 6.67 per cent to close at N1.40, while Livestock Feeds down by 4.81 per cent to close at N1.98, per share.

Fidelity Bank lost 4.80 per cent to close at N2.38, while Champion Breweries shed 4.55 per cent to close at N2.10, per share.

The total volume of trades declined by 25.2 per cent to 141.282 billion units, valued at N1.636 billion, and exchanged in 3,393 deals.

Transactions in the shares of eTranzact International Plc topped the activity chart with 16.188 million shares valued at N33.348 million.

Fidelity Bank followed with 10.442 million shares worth N24.329 million, while Transnational Corporation of Nigeria (Transcorp) traded 9.769 million shares valued at N9.284 million.

Consolidated Hallmark Insurance traded 9.181 million shares valued at N4.407 million, while Access Bank transacted 7.585 million shares worth N69.025 million.

Analysts at United Capital Plc said that: “This week, we expect the market to rally on the back of incoming earning releases of large-cap banking names. In addition, sustained decline in fixed income yields could trigger favourable sentiment towards the equities market.”

– Thisday

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