Connect with us

Business

NSE LIVE! Profit-taking shaves off N38bn from equities in opening trades

Published

on

NSE LIVE! Equities continue decline with N37bn loss

Nigerian equities reopened on Monday with widespread selling sentiments as investors turned round to take profits on the previous three days of successive uptrend.

The stock market had closed last week with a week-on-week gain of N36 billion.

All major indices at the Nigerian Stock Exchange (NSE) showed a resurgent profit-taking trend as selling investors opted to sell at discount to attract buyers. The All Share Index (ASI), the value-based common index at the stock market, dropped by 0.42 per cent from its opening index of 26,328.22 points to close at 26,217.18 points. This nudged the negative average year-to-date return to -2.45 per cent.

With 19 losers to nine gainers, aggregate market value of all quoted equities dropped from opening value of N9.059 trillion to close at N9.021 trillion, indicating a loss of N38 billion.

Nearly all sectoral indices, with the exception of the NSE Consumer Goods Index, closed in the negative. The NSE Banking Index dropped by 1.2 per cent. The NSE Insurance Index declined by 0.8 per cent. The NSE Industrial Goods Index slipped by 0.3 per cent while the NSE Oil & Gas Index declined by 0.02 per cent. However, the NSE Consumer Goods Index appreciated by 0.1 per cent.

Read also: NSE LIVE! Equities build on rally with N17bn gain

Dangote Cement, the most capitalised quoted company, led the losers with a loss of N1.01 to close at N166. Guaranty Trust Bank Plc, the most capitalised banking stock, followed with a loss of 38 kobo to close at N23.97.

Leading indigenous oil and gas group, Oando, dropped by 24 kobo to close at N4.90. Stanbic IBTC Holdings declined by 18 kobo to close at N17.30 while United Bank for Africa lost 14 kobo to close at N4.98 per share.

Total turnover stood at 143.52 million shares valued at N755.89 million in 2,139 deals. The three most active stocks were AIICO Insurance, with 56.8 million shares; Transnational Corporation of Nigeria, 16.09 million shares and United Bank for Africa, which recorded a turnover of 7.75 million shares.

On the upside, Seven-Up Bottling Company recorded the highest gain of N5.40 to close at N113.40. Forte Oil rose by N2.12 to close at N74. Eterna garnered 14 kobo to close at N3.62. Okomu Oil Palm added 8.0 kobo to close at N44.18 while FBN Holdings chalked up 6.0 kobo to close at N3.50 per share.

“Today (Monday)’s performance was broadly driven by profit taking after three consecutive days of appreciation in the prior week, hence we expect market performance to remain pressured in subsequent trading sessions,” Afrinvest Securities, a Lagos-based dealer at the Exchange, stated.

 

 

RipplesNigeria ….without borders, without fears

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations