Sentiments in the domestic stock market yesterday turned negative, as profit-taking activities witnessed in BUA Cement Plc and 43 others caused N672billion, translating to 1.99 per cent decrease in the benchmark index.
Hence, the All-Share Index shed by 1,234.44 per cent, representing a loss of 1.99 per cent, to close at 60,714.80 points. Similarly, the overall market capitalisation value lost N672 billion to close at N33.060 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Nestle Nigeria, BUA Cement, MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings and Guaranty Trust Holding Company.
On market performance, analysts at Afrinvest Limited stated that, ‘we anticipate profit-taking in tomorrow’s trading session due to depressed investor sentiment.’
Also, market breadth was negative, as 44 stocks lost relative to 33 gainers. Consolidated Hallmark Insurance recorded the highest price gain of 10 per cent to close at 99 kobo, while Eterna followed with a gain of 9.96 per cent to close at N25.40, per share.
Chams Holding Company rose by 9.88 per cent to close at 89 kobo, while eTranzact International and Skyway Aviation Handling Company gained 9.87 per cent to close at N7.79 and N12.25 respectively, per share.
On the other hand, PZ Cussons Nigeria led the losers’ chart by 10 per cent to close at N20.70, per share. Wema Bank followed with a decline of 9.98 per cent to close at N5.23, while BUA Cement lost 9.86 per cent to close at N83.15, per share.
Transnational Corporation (Transcorp) declined 9.84 per cent to close at N3.48, while Ikeja Hotel and University Press shed 9.82 per cent each to close at N3.95 and N2.48 respectively, per share.
The total volume of trade declined by 8.1 per cent to 1.107 billion units, valued at N12.210 billion, and exchanged in 12,194 deals. Transactions in the shares of FCMB Group topped the activity chart with 180.751 million shares valued at N981.471 million. Sterling Financial Holdings Company followed with 107.535 million shares worth N411.132 billion, while Transcorp traded 105.870 million shares valued at N381.007 million.
United Bank for Africa (UBA) traded 87.327 million shares valued at N1.116 billion, while Access Holdings transacted 77.845 million shares worth N1.344 billion.
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