Stock Market Down N856.17bn on Profit--taking in DSR, 60 others

The stock market, yesterday broke its numerous days gaining momentum as the overall capitalisation fell by N856.17 billion on investors’ profit-taking in Dangote Sugar Refinery Plc and 60 others.

Consequently, the Nigerian Exchange Limited All Share Index (ASI) dipped by 1,564.52 basis points, or 1.49 per cent to close at 103,110.15 basis points from 104,674.67 basis points it opened for trading.

Also, market capitalisation depreciated by N856 billion to close at N56.426 trillion from N57.282 trillion it opened for trading.

As revealed by the NGX data, investors’ profit-taking in Tier-1 banks namely, Zenith Bank Plc dipped by 7.14per cent, Guaranty Trust Company Plc (GTCO) depreciated by 6.29per cent and United Bank for Africa dropped by 9.67per cent offset the gains in Geregu Power Plc that rose by 4.61per cent, dragging down the stock market.

From a sectoral perspective, losses in NGX Banking dipped by 6.7per cent, NGX Insurance was down by 6.4per cent, NGX Consumer Goods depreciated by 2.6per cent, NGX Oil & Gas tumbled by 0.6per cent, and NGX Industrial Goods declined by 0.4per cent to reflect the overall stock market performance. Investor sentiment, as measured by market breadth closed negative as seven stocks advanced, while 61 declined. UPDC recorded the highest price gain of 8.11 per cent to close at N2.00, per share.

Geregu Power followed with a gain of 4.61 per cent to close at N517.80, while Wema Bank rose by 1.21 per cent to close at N10.90, per share.

Ellah Lakes up by 0.99 per cent to close at N3.05, while UPDC Real Estate Investment Trust (UPDCREIT) appreciated by 0.81 per cent to close at N6.25, per share.

On the other hand, Access Holdings, Guinea Insurance, Linkage Assurance, AXA Mansard Insurance, NASCON Allied Industries, Caverton Offshore

Support Group and Sterling Financial Holdings Company led the losers’ chart by 10 per cent each to close at N25.20, 54 kobo, N1.17, N5.85, N68.40, N1.80 and N6.30 respectively, per share.

Guinness Nigeria followed with a decline of 9.96 per cent to close at N63.70 and Transnational Corporation (Transcorp) shed 9.94 per cent to close at N14.40, per share.