Equities Market Sheds 2.77% On Profit Taking

By Nse Anthony-Uko

(Sundiata Finance) – The Nigerian equities market, on Monday shed 2.77 per cent to begin the week as investors took profits in stocks that appreciated in prior sessions
In summary, the All Share Index (ASI) shed 1,020.71 absolute points, representing a loss of 2.77 per cent to close at 35844.00 points. Similarly, the market capitalisation shed N352 billion, to close at N12.354 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Nigerian Breweries, Wapco, Guaranty Trust Bank and Stanbic IBTC.
Analysts at APT Securities and Funds Limited, said, “The equities market was flooded with sell offs amidst corporate announcement, this is not unconnected to the index being stretched reaching a new high on thursday since the year 2015.
“We see a further uptrend amidst profit taking in second half to be majorly driven by gains from largely capitalized stocks with impressive corporate earnings which most have been released and factors such as policy stability as well as news around economic recovery which has been a major drive in the past trading months.”
Market breadth was negative, with 23 gainers versus 27 losers. Dangote Sugar Sugar recorded the highest price gain of 10.22 per cent, to close at N11.97. National Salt followed with a gain of 10.15 per cent, to close at N10.42, while CI Leasing gained by 8.70 per cent to close at 63 kobo per share. Okomu Oil appreciated by 7.55 per cent to close at N80.03, while Honeywell Flour went up by 7.32 per cent to close at N2.20 per share.
On the other hand, CCNN led the losers’ chart by 9.65 per cent, to close at N8.33 per share. Dangote Cement, Guaranty Trust Bank and Wapco followed with a decline of 4.99 per cent, each to close at N233.75, N39.05 and N57.72, respectively, while Zenith Bank declined by 4.98 per cent to close at N24.61, per share.
The total volume traded decreased by 6.74 per cent to 490.16 million shares, worth N5.27 billion, and traded in 5,558 deals. Transactions in the shares of FCMB Groups topped the activity chart with 127.61 million shares valued at N154.21 million. FBN Holdings followed with 58.35 million shares worth N347.2 million, while Transcorp traded 49.70 million shares valued at N72.5 million.
Zenith Bank traded 45.78 million shares valued at N1.15 billion, while UBA sold 19.12 million shares worth N185.29 million.

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