Investors’ N11 billion wiped off amid profit taking
Mixed trading continued on the nation’s bourse on Wednesday with the market capitalisation dropping by N11 billion on renewed profit taking.
Specifically, the market capitalisation dipped N11 billion to close at N22.565 trillion from N22.576 recorded on Tuesday.
Also, the All-Share Index which opened at 43,255.14 lost 10.12 points or 0.02 per cent to close at 43,245.02.
Consequently, the month-to-date and year-to-date returns were unchanged at 2.9 per cent and 7.4 per cent, respectively.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Stanbic IBTC Holdings, Eterna, Honeywell Flour Mills, FBN Holdings and United Capital.
Analysts at Afrinvest Limited said that: “In the next trading session, we anticipate mild gains due to bargain hunting on fundamentally sound stocks with attractive prices.”
However, the market breadth closed positive, recording 23 gainers as against18 losers.
Honeywell Flour Mills led the losers’ chart in percentage terms by 9.78 per cent to close at N3.69 per share.
Eterna followed with 9.02 per cent to close at N6.05, while Regency Alliance Insurance lost 7.69 per cent to close at 36k per share.
Cornerstone Insurance lost 7.14 per cent to close at 52k, while Wema Bank shed 3.61 per cent to close at 80k per share.
On the other hand, LivingTrust Mortgage Bank topped the gainers’ chart in percentage terms with 10 per cent to close at 88k per share.
Chams Plc followed with 9.52 per cent to close at 23k, while AIICO Insurance went up by 9.26 per cent to close at 59k per share.
Ikeja Hotel rose by 8.70 per cent to close at N1.25, while Nigerian Exchange Group gained 7.84 per cent to close at N16.50 per share.
However, the total volume of trades increased by 11.57 per cent to 243.19 million shares valued at N3.75 billion achieved in 3,777 deals.
This was in contrast with 217.97 million shares worth N2.91 billion traded in 4,158 deals on Tuesday.
Transactions in the shares of Zenith Bank topped the activity chart with 37.41 million shares valued at N908.42 million.
FCMB Group followed with 27.44 million shares worth N88.58 million, while Honeywell Flour Mills traded 22.86 million shares valued at N87.59 million.
Sterling Bank sold 22.76 million shares worth N33.69 million, while Access Bank transacted 14.12 million shares worth N131.89 million.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Health
Only 58,000 out of 130,000 registered doctors renewed licence: MDCN
MDCN says only 58,000 doctors renewed their annual practice licence out of the 130,000 registered doctors in the country.
Africa
UN calls for international participation in fighting sexual violence in Sudan
UN officials are calling for more international engagement to combat sexual violence against women and girls in the Sudan conflict.
World
Ukraine court orders arrest of agriculture minister over $7 million fraud
Mr Solsky had tendered his resignation earlier on Thursday but technically remains in his post until parliament considers his request.
Economy
IMF: Nigeria, 11 other countries seek affordable financing, structural reforms
The ACG comprises the IMF governors of a subset of 12 African countries belonging to the African Caucus (African finance ministers and central bank governors) and IMF management.
Africa
ECOWAS holds strategic peace talk with African Union
ECOWAS has held a strategic peace talk with the AU to integrate and implement the African Union Accountability and Compliance Framework into peacekeeping missions.
Economy
Experts decry challenges in ICT industry, suggest solutions
An expert says Nigeria’s infrastructure deficit and rising equipment costs are stalling the growth of the country’s information and communication technology industry.