NSE: Profit-taking ends 16-day bullish run as market capitalisation sheds N181bn

Profit-taking activities in bellwether stocks accounted for the downturn in the Nigerian equity market Tuesday, ending the more than a fortnight reign of the bull in the market. It was the first time this year that the market would end on an adverse note with all key market performance indicators closing northward. In response to the downward drift, the market posted a negative market breadth, which made 23 price gainers to be recorded compared to just 13 price gainers.

The All Share Index (ASI) dipped by 1.18% or 380.43 basis points to close at 29,283.15. Similarly, market capitalisation lost N181 billion to end the day’s trading at N15.106 trillion. Year to date, the index is up by 9.09%.

TOP 5 GAINERS

In value terms, Beta Glass Oil topped the gainers’ chart today, advancing by 9.67% to close at N59. Forte Oil added up 5.62% to end today’s trade at N17.85. Flour Mills grew by 3%, closing at N24. C and I Leasing leapt to N7.35, notching up 8.89% in the process. Cadbury completed the top 5, climbing up by 5.26% to N10.

TOP 5 LOSERS

Nigeria’s largest brewer, Nigerian Breweries Plc was the worst performing stock today, tumbling by 8.83% to close at N51.1. MTNN shed 2.66% to close at N124.2. Dangote Cement shrank marginally by 1.16%, closing at N170. UBA slumped to N8.25, recording 5.17% depreciation. Zenith Bank closed at N21.3, going down by 1.84%.

TOP 5 TRADES

666.783 million shares estimated at N6.516 billion were traded today in 5,711 deals.

Union Diagnostic was the most active stock with 340.210 million units of its stocks worth N71.444 million traded in 7 deals. There is a vast possibility that a strategic investor is positioning himself to take a majority stake in the company, given that nearly half of its entire 710.628 outstanding shares were sold in just 7 transactions.

69.717 million units of Zenith Bank shares priced at N1.507 billion exchanged hands in 683 transactions. UBA had 38.788 million shares valued at N329.150 million traded in 336 deals. Access Bank traded 37.330 million shares estimated at N393.942 million in 458 transactions. FBN Holdings traded 21.975 million shares valued at N157.614 million in 327 deals.

LATEST DEVELOPMENTS

Champions Breweries Plc

Champion Breweries notified the Exchange today of the appointment of a new Managing Director, that is Georgios I Polymenakos.

Mr. Polymenakos is an alumnus of University of Wales, where he holds a Master’s of Business Administration (MBA) degree. Priot to joining Champion Breweries, he was the Managing Director of the Nigerian Bottling Company Plc. The new chief has over 21-year experience in Marketing and Leadership, having held several management positions ranging from Commercial Development Manager, Country Manager, Regional General Manager and Managing Director.

Eterna Plc

Eterna Plc today informed the NSE of the appointment of Nnamdi Obiagwu as Executive Director/Chief Operating Officer.

Mr Obiagwu is a Mechanical Engineering graduate of the Federal University of Technology Owerri (FUTO). His wealth of experience covers IT, Sales, Business Development, Financial & Business Reporting, Data Analytics, Distributor Network Development, Fuels Territory Management, Fuels Supply Chain Management, Logistics, Oil & Gas Consulting, Financial Advisory and Marine Vessel Management.