Equity Market Sheds N41bn as Investors Book Profit
The equity market sheds N41 billion on Monday as investors’ book profit in the first trading session despite earnings release by listed companies. Driven by low sentiment and the need to rebalance portfolios, equity investors were seen dumping large-cap companies stocks like MTN Nigeria, Okomu Oil, Seplat and 20 others.
There was selling rallies on financial stock, both banking and insurance stocks witnessed selloffs on Monday, according to data from the Nigerian Exchange. Consequently, the Nigerian Exchange All-Share Index shed 76.53 basis points, representing a decrease of 0.16 per cent to close at 47,203.39 points. Due to negative buying interest, equity market capitalisation dipped by ₦41.24 billion to close at ₦25.44 trillion.
On the other hand, the market activities were bullish as the total volume and value rose by 26.49 per cent and 115.02 per cent, respectively. Approximately 285.48 million units valued at ₦5.13 billion were transacted in 5,342 deals, according to Atlass Portfolios Limited.
Today, GTCO led as the most traded stock in terms of volume, accounting for 15.76 per cent of the total volume of trades. The stock was followed closely by TRANSCORP (8.28%), FIDELITYBK (8.14%), NB (6.38%) and FBNH (4.72%) to complete the top five on the volume chart.
Also, GTCO emerged as the most traded stock in value terms, with 24.02 per cent of the total value of trades on the exchange. SUNUASSUR led the advancers’ chart with price appreciation of 10.00 per cent allowable by the Nigerian local bourse.
It was followed by JAPAULGOLD (5.41%), CUTIX (2.89%), ZENITHBANK (2.28%), UBA (1.17%), NGXGROUP (1.03%), ACCESS (0.98%), NEIMETH (0.56%), PRESCO (0.53%) and fourteen (14) others.
Similarly, twenty-three (23) stocks depreciated, led by OKOMUOIL with a price depreciation of 10.00 per cent to close at ₦127.8. Leading the decliners charts are OANDO (-7.95%), HONYFLOUR (-1.43%), FBNH (-0.90%), MTNN (-0.65%), UACN (-0.56%), GTCO (-0.55%), SEPLAT (-0.46%) and ETI (-0.41%).
As a result, the market breadth closed at par, recording 23 gainers and 23 losers. The sectorial performance was bearish as three of the five sectors closed negatively as against the previous session, amongst which are Oil & Gas (-1.48%), Insurance (-0.84%) and Consumer Goods (-0.43%).
The Banking and Industrial Goods sectors rose by 1.14% and 0.004%, respectively. Despite the sell down, stockbrokers who speak with MarketForces Africa said they are expecting bargain hunting to dominate trading activities on the local bourse this week. #Equity Market Sheds N41bn as Investors Book Profit
