Business
Again, stock market loses N17bn on sustained profit taking
Following last week’s bearish performance at the Nigerian Stock Exchange (NSE) which saw the benchmark index of the NSE, the All Share Index, decline by 2.85 percent on week-on-week basis on the heels of recent political tension, the local bourse on Monday extended its losses to open the week.
The ASI of the NSE fell by 13 basis points amid sustained profit taking activity to settle at 35,399.28 points while Year-to-Date loss further dipped to -7.4 percent as market breadth remained negative with 26 losers as against 13 gainers.
Specifically, investors lost N17.33 billion in value as market capitalization fell from N12.94 trillion to N12.92 trillion after the close of business.
Sell offs in highly capitalized stocks like United Bank for Africa which dropped by 3.2 percent, Guinness, 4.3 percent, Guaranty Trust Bank, 0.5 percent, and Zenith Bank by 0.6 percent dragged the market indicators to the red zone.
Activity level was mixed as volume and value of transactions fell by 16.9 percent and 9.0 percent to 160.43 million and N2.2 billion respectively.
Union Diagnostic & Clinical Services and Mutual Benefits Assurance led the laggards’ chart with 9.09 percent to close at 30 Kobo per share. Livestock Feeds followed with 8.70 percent to close at 63 Kobo per share, while Wema Bank shed 7.35 percent to close at 63 Kobo per share.
Read also: BOI to provide N400m to local manufacturers
Secure Electronic Technology depreciated by 6.90 percent to close 27 kobo per share.
On the flip side, Eterna led the gainers’ chart with 9.92 percent to close at N7.20 per share. UACN added 7.69 percent to close N14 per share, while Curteville Business Solutions gained 5 percent to close 21 Kobo per share.
Caverton Offshore Support Group appreciated by 4.74 percent to close at N1.99, while International Breweries garnered 4.53 percent to close N33.45 per share.
As the market recorded bears into the seventh consecutive session, analysts at Afrinvest Securities said, “We expect the bearish performance to be sustained till midweek as investors continue to take profit following some unimpressive H1:2018 releases.”
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