Stock Darket Depreciates by N480.8bn on Profit-taking in Tier-1 Banks

The stock market for the second consecutive day sustained its negative run, dropping by N480.8billion yesterday amid investors’ profit-taking in six Tier-1 banks and 48others.

As Zenith Bank Plc dropped by 2.17per cent to N36.00 per share, United Bank for Africa (UBA) down by 2.58 per cent to N24.50per share and Access Corporation depreciated by 3.58 per cent to N24.25 per share, the overall market capitalised was down by N480.88 billion or 0.86per cent to close at N55.390 trillion yesterday from N55.871 trillion the stock market opened for trading.

Consequently, the Nigerian Exchange Limited All-Share Index (NGX ASI) dropped by 878.64 basis points or 0.86per cent to 101,227.67basis points from 102,106.31 basis points the stock market closed the previous day.

This dragged the stock market Year-till-Date to 35.38 per cent.

From a sectoral perspective, the NGX Insurance Index was down by 4.2per cent , NGX Banking Index dipped by 2.3per cent, NGX Consumer Goods decreased by 1.9per cent, as NGX Oil & Gas and NGX Industrial Goods declined by 0.5 per cent and 0.3 per cent respectively.

Investor sentiment, as measured by market breadth remained negative as seven stocks advanced, while 53 declined.

Meyer recorded the highest price gain of 9.97 per cent to close at N6.29, per share. Juli followed with a gain of 9.52 per cent to close at 92 kobo, while Tantalizer up by 4.76 per cent to close at 44 kobo, per share.

Red Star Express appreciated by 4.05 per cent to close at N3.85, while Lasaco Assurance rose by 3.54 per cent to close at N2.63, per share. On the other hand, NASCON Allied Industries, Unity Bank, Consolidated Hallmark Holdings and Sterling Financial Holdings Company led the losers’ chart by 10 per cent each to close at N58.50, N2.52, N1.44 and N5.31 respectively, per share. Eterna followed with a decline of 9.95 per cent to close at N19.90, while PZ Cussons Nigeria lost 9.91 per cent to close at N30.90, per share.

The total volume traded increased by 39.91 per cent to 478.381 million units, valued at N7.172 billion, and exchanged in 10,957 deals. Transactions in the shares of Universal Insurance topped the activity chart with 42.766 million shares valued at N16.094 million. Transnational Corporations (Transcorp) followed with 41.536 million shares worth N528.073 million, while Zenith Bank traded 31.746 million shares valued at N1.123 billion.