Market Sheds N264 Billion as Profit Taking Persists

It was only nine stocks that recorded price appreciation at the stock market on Monday as bears descended on high cap stocks, dragging the Nigerian Stock Exchange (NSE) All-Share Index below 30,000 . The NSE ASI dipped by 2.57 per cent to close at 29,929.56, while market capitalisation shed N263.6 billion to close at N9.987 trillion.

The decline in the market resulted from profit taking in largely capitalised stocks such as Nigerian Breweries Plc, Dangote Cement Plc, Zenith Bank and Guaranty Trust Bank Plc.

However, the nine stocks that escaped the bears’ grip were led by Glaxosmithkline Consumer Nigeria Plc with five per cent decline, trailed by Costain (W.A) Plc with 4.9 per cent. AIICO Insurance Plc appreciated by 4.6 per cent, while NPF Microfinance Bank Plc went up by 2.0 per cent. The other gainers included: Vitafoam Nigeria Plc (1.6 per cent); Wema Bank Plc (1.1 per cent); NAHCO (0.81 per cent); Seven-Up Bottling Company Plc (0.65 per cent) and Mobil Oil Nigeria Plc (0.53 per cent).

Conversely, the 34 stocks that depreciated were led by Zenith Bank Plc with 8.7 per cent, followed by Seplat Petroleum Development Company Plc, Champion Breweries Plc, Nigerian Breweries Plc and Transcorp Plc (five per cent apiece).

Airline Services & Logistics Plc, Portland Paints, Ecobank Transnational Incorporated, Dangote Sugar Refinery Plc and Lafarge Africa Plc shed 4.9 per cent apiece.

In terms of sectoral performance, only the insurance sector rose by 0.2 per cent, while all others trended south. The NSE Banking Index led with a decline of 4.8 per cent on the back drop of price depreciation in ETI (4.9 per cent), United Bank for Africa (4.8 per cent), and Guaranty Trust Bank (4.0 per cent. The NSE Industrial Goods Index went down by 3.0 per cent, just as NSE Oil & Gas Index and NSE Consumer Goods Index shed 2.7 per cent 2.2 per cent in that order.

Meanwhile, investors traded 298.981 million shares worth N1.830 billion in 3,703 deals, showing a decline of 69.5 per cent and 82.9 per cent in volume value and volume respectively compared to last Friday’s performance.