Profit-taking Halts Three-day Gains on NGX

The bears returned to the market yesterday to halt the gain recorded from Monday to Wednesday.

The bears were attracted by profit-taking in bellwether counters. Consequently, the Nigerian Exchange (NGX) Limited All-Share Index (ASI) fell 0.08 per cent to close at 38,469.87, while market capitalisation shed N26.7 billion to be at N20 trillion.

Although Prestige Assurance Plc led the price losers’ table, profit-taking in Access Bank Plc, United Bank for Africa Plc and Stanbic IBTC Holdings Plc led to the negative close. Specifically, Prestige Assurance Plc led the 16 losers with 10 per cent, trailed by Pharma Deko Plc with 9.7 per cent. University Press Plc went down by 7.8 per cent, just as Coronation Insurance Plc and Mutual Benefits Assurance Plc dipped by 5.0 per cent and 4.6 per cent respectively.

NASCON Allied Industries Plc and Access Bank Plc shed 4.1 per cent and 3.1 per cent in that order, while UBA and FCMB Group lost 2.6 per cent and 2.2 per cent. The loss by FCMB Group came despite the announcement by the group that its subsidiary, FCMB Pensions Managers Limited had acquired 60 per cent stake in AIICO Pensions Managers

Limited, a subsidiary of AIICO Insurance Plc.

“This is made up of 33.9 per cent stake held by AIICO Insurance Plc and 26.1 per cent stake held by other shareholders in AIICO Pensions. The acquisition makes AIICO Pensions an indirect subsidiary of FCMB Group Plc. The goal is to combine the businesses of FCMB Pensions and AIICO Pensions to build a stronger and more resilient business,” FCMB Group said.

Meanwhile, 12 stocks escaped from the bears recording gains. NEM Insurance Plc led with 10 per cent, trailed by Courtville Business Solutions Plc with 9.5 per cent. NAHCO Plc appreciated by 5.7 per cent, while Caverton and Transcorp Plc rose 4.4 per cent each. Other top price gainers included: Seplat Energy Plc( 2.6 per cent);Japaul Gold and Ventures Plc (2.0 per cent); UPDC (1.7 per cent) and Wema Bank Plc (1.3 per cent).

Trading activity was mixed as volume traded fell by 19.5 per cent to 238.2 million shares while value traded rose by 0.8 per cent to N2.6 billion. The most traded stocks by volume were Transcorp Plc (34.4 million shares), Courtvilles (26.4 million shares), and Zenith Bank Plc (23.7 million shares) while Zenith Bank Plc (N590.3 million), GTCO (N363.0 million), and Seplat (N315.4 million) led by value.