Friday, September 30, 2022

Investors lose N119 BN amidst renewed profit taking

The All-Share Index lost 226.26 points.

• March 30, 2021
Nigeria Stock Exchange
Nigeria Stock Exchange building used to illustrate the story

Trading on the nation’s bourse returned to negative territory on Tuesday with investors losing N119 billion on renewed profit taking.

Consequently, the market capitalisation which opened at N20.663 trillion dipped N119 billion to close at N20.544 trillion.

Also, the All-Share Index lost 226.26 points or 0.57 per cent to close at 39,267.11 from 39,493.37 achieved on Monday.

The market loss was driven by price depreciation in large and medium capitalised stocks, amongst which are Dangote Cement, Julius Berger, Ecobank Transnational Incorporated, Fidelity Bank and International Breweries.

Regency Alliance Insurance led the losers’ chart in percentage terms by 9.09 per cent to close at 30k per share.

Prestige Assurance followed with 8.89 per cent to close at 41k, while Daar Communications shed eight per cent to close at 23k per share.

ETI lost 4.72 per cent to close at N5.05, while Sovereign Trust Insurance shed 4.17 per cent to close at 23k per share.

On the other hand, Livestock Feeds dominated the gainers’ chart in percentage terms, gaining 9.66 per cent to close at N41.93.

Cornerstone Insurance and Courteville Business Solutions followed with a gain 9.09 per cent each to close at 60k and 24k per share, respectively.

NPF Microfinance Bank was up 8.33 per cent to close at N1.95, while Royal Exchange appreciated by 7.69 per cent to close at 28k per share.

In all, the total volume of shares traded decreased by 35.6 per cent with an exchange of 336.13 million shares valued at N3.27 billion exchanged in 4,394 deals.

This was in contrast with a turnover of 522.17 million shares worth N10.66 billion traded in 4,566 deals on Monday.

Transactions in the shares of Union Bank of Nigeria topped the activity chart with 78.89 million shares valued at N418.14 million.

Courteville Business Solutions followed with 43.91 million shares worth N10.53 million, while Guaranty Trust Bank sold 28.97 million shares valued at N955.09 million.

Zenith Bank traded 24.91 million shares worth N560.47 million, while Transcorp transacted 22.62 million shares worth N17.96 million. 

(NAN)

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