Stock mar­ket halts gain­ing streak, sheds N181bn

The Punch - - CAPITAL MARKET -

The gain­ing streak of the stock mar­ket was halted on Tues­day as profit tak­ing dragged the mar­ket 1.18 per cent lower.

In­vestors recorded a loss of N181bn as the mar­ket cap­i­tal­i­sa­tion of equities de­clined from N15.287tn on Mon­day to N15.106tn on Tues­day.

An­a­lysts at Afrin­vest

Se­cu­ri­ties Lim­ited said the de­cline was due to ma­jor profit tak­ing in MTN Nige­ria Com­mu­ni­ca­tions Plc and Dan­gote Ce­ment Plc, which dragged the All Share In­dex lower to 29,633.58 ba­sis points.

Ac­tiv­ity level ended mixed as vol­ume traded in­creased by 91.5 per cent to 666.78m units while value traded de­clined by 23.8 per cent to N6.52bn.

The most ac­tive stocks by vol­ume were Union Di­ag­nos­tic and Med­i­cal Ser­vices Plc (340.2 mil­lion units), Zenith Bank Plc (69.7 mil­lion units) and United Bank for Africa Plc (38.8 mil­lion units) while MTN Nige­ria (N1.5bn), Zenith Bank (N1.5bn) and Dan­gote Ce­ment (N848.5m) led by value.

Per­for­mance across sec­tors was bear­ish as all in­dices lost.

The insurance and con­sumer goods in­dices de­pre­ci­ated by 2.03 per cent and 1.65 per cent re­spec­tively fol­low­ing sell-offs in NEM Insurance Plc, Con­sol­i­dated hall­mark Insurance Plc and Nige­rian Brew­eries Plc.

The bank­ing in­dex de­pre­ci­ated by 1.07 per cent on the back of losses in UBA and Zenith Bank.

Ma­jor price de­pre­ci­a­tion in Dan­gote Ce­ment and Oando dragged the in­dus­trial goods and oil & gas in­dices down by 0.29 per cent and 0.19 per cent re­spec­tively.

In­vestor sen­ti­ment strength­ened as mar­ket breadth (ad­vance/de­cline ra­tio) waned to 0.6x from the 0.7x recorded on Mon­day as 13 stocks gained rel­a­tive to 23 losers.

The top gain­ers were Beta Glass Plc, C & I Leas­ing Plc, Eko­corp Plc, Forte Oil Plc and Cad­bury Nige­ria Plc, which gained 9.7 per cent, 8.9 per cent, 7.2 per cent, 5.6 per cent and 5.3 per cent re­spec­tively.

The top five losers were Tourist Com­pany of Nige­ria Plc, NEM Insurance, NPF Mi­cro­fi­nance Bank Plc, Con­sol­i­dated hall­mark and Nige­rian Brew­eries Plc, whose re­spec­tive share prices shed 10 per cent, 9.7 per cent, 9.6 per cent, 9.5 per cent and 8.8 per cent.

“We an­tic­i­pate a mixed per­for­mance in the in­terim due to profit tak­ing,” an­a­lysts at Afrin­vest said.

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