Profit taking continues as investors lose N57bn in 2 days


EquitiesNigerian Stock Exchange

By Peter Egwuatu

The equities gain recorded last week on the Nigerian Stock Exchange, NSE has rebounded as investors lose N57 billion in the two days trading session.

Consequently, the major equities benchmark, NSE All-Share Index, ASI down by 108.32 points or 0.42 percent to close yesterday at 25497.32 points from 25605.64 on Friday. In the same vein, market capitalisation another stock market gauge declined by N57 billion to close at N13.301 trillion from N13.358 billion.

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Reacting to market performance, analysts at Afrinvest Research said : “We expect investors to take positions in fundamentally sound stocks in the subsequent trading session.”

Meanwhile, analysis on Tuesday trading showed that  ASI slipped 33 bases points, bps to settle at 25,497.32 points following sell-pressures in Banking stocks: Guaranty Trust Bank, GTBank (-6.2 percent ), Zenith Bank (-2.3 percent ) and Union Bank of Nigeria , UBN (-3.9 percent ).

Accordingly, market capitalisation fell by N44.3billion to N13.3trillion   while Year to Date, YtD loss worsened to -5.0 percent. Activity level varied as volume traded declined 0.8 percent to 252.0million units while value traded advanced 0.8 percent to N2.0 billion. The most traded stocks by volume  were Custodian (40.1million  units),  First Bank Nigeria Holding , FBNH (28.2million units) and Zenith Bank  (26.0million  units) while Zenith Bank (N444.8million), GTBank  (N206.6million)  and Custodian (N192.7million) led by value.

Performance was bullish across sectors as five of six indicators gained. The Banking index closed south by 3.4 percent, dragged by price declines in  GTBank  (-6.2 percent ), Zenith  Bank (-2.3 percent ) and UBN (-3.9 percent ). On the other hand, the AFR-ICT and Consumer Goods indices closed higher by 0.4 percent apiece due to buying interest in MTNN (0.8 percent), Nigerian Breweries (2.5 percent) and Honeywell flour (4.4 percent). In the same vein, the Insurance and Oil & Gas indices advanced 0.3 percent and 0.2 percent respectively, buoyed by gains in WAPIC (3.0 percent) and Oando (1bps). Lastly, price appreciation in CAP (2.7 percent) lifted the Industrial Goods index by one bps.

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