Stock market loses N363 billion on sustained profit-taking
The equities market on Monday continued in a bearish position, with investors losing about N363 billion to sustained profit-taking in several mid-tier stocks.
The downward trend was driven by sustained profit-taking in stocks like Ellah Lakes, Eterna, Veritas Kapital, CHAMS, and Cutix, among others.
Market capitalisation declined by N363 billion, or 0.41 per cent, to close at N88.406 trillion from N88.769 trillion on Friday.
Similarly, the All-Share Index declined by 573.31 points, or 0.41 per cent, to 139,722.19 from 140,295.50 recorded at the previous trading.
At the close of trading, the market breadth was negative with 33 losers and 15 gainers.
Ellah Lakes, Eterna, and Veritas Kapital topped the losers’ chart, shedding 10 per cent each to close at N12.69, N34.20, and N1.89 per share, respectively.
Chams dropped 9.56 per cent to N2.65, while Cutix declined by 7.71 per cent to finish at N2.23 per share.
On the flip side, Sovereign Trust Insurance led the gainers’ chart with a 10 per cent rise to N2.86 per share.
SCOA Nigeria appreciated by 9.83 per cent to N6.59, while Cornerstone Insurance rose by 7.98 per cent to N6.90.
Guinea Insurance gained 7.75 per cent to close at N1.53, while Secure Electronic Technology advanced 4.71 per cent to 89k per share.
Activity on the chart showed a dip in traded volume but a rise in transaction value and the number of deals.
Investors exchanged 407.9 million shares valued at N14.78 billion in 33,859 deals, compared with 435.14 million shares worth N10.4 billion across 25,609 deals on Friday.
FCMB Group led the activity chart with 55.8 million shares valued at N601.69 million.
It was followed by Access Corporation, which traded 31.9 million shares worth N843 million, and Fidelity Bank with 26.15 million shares valued at N547.9 million.
Secure Electronic Technology exchanged 22.36 million shares worth N19.52 million, while AIICO Insurance traded 17.7 million shares valued at N70.47 million.
(NAN)
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