Investors Lose N26bn to Profit-Taking in Stock Market
Equities investors on the Nigerian Exchange (NGX) lost more than N26 billion midweek as the stock market backflips due to profit-taking activities in the consumer goods, and banking sectors.
Following a good start to the day, the Nigerian Exchange recorded late profit-taking activities across DANGSUGAR (-4.8%) and GTCO (-1.8%). The selling rallies seen on Dangote Sugar halted days of buying momentum that greeted the company’s merger plan with NASCON and Dangote Rice Limited.
Consequently, year-to-date return moderated to 33.24%, still far ahead of the annual inflation rate of 24.08%. The Nigerian Exchange All-Share Index fell 48.40 basis points today, representing a decrease of -0.07% to close at 68,286.28.
Stockbrokers reported that market activities were down today as the total volume and total value traded for the day dropped by -32.12% and -46.30% respectively. Atlass Portfolios Limited told investors in its market update that approximately 378.65 million units valued at ₦5,482.94 million were transacted in 7,671 deals.
OANDO was the most traded stock in terms of volume, accounting for 22.07% of the total volume of trades. The oil company was followed by UBA (9.41%), TRANSCORP (7.04%), ACCESSCORP (4.90%), and OMATEK (4.16%) to complete the top 5 on the volume chart.
Ticker: DANGCEM was the most traded stock in value terms, with 12.93% of the total value of trades on the exchange. GUINEAINS topped the advancers’ chart with a price appreciation of 10.00 per cent, trailed by BETAGLAS (9.91%), CAVERTON (+9.84%), OANDO (+9.70%), CWG (+9.09%), and twenty-seven others.
Twenty stocks depreciated, where VITAFOAM was the top loser, with a price depreciation of -10.00%, to close at ₦22.50. VERITASKAP (-7.69%), DANGSUGAR (-4.79%), INTBREW (-4.35%), GTCO (-1.77%), and UNITYBNK (-1.54%) also dipped in price.
Despite the profit-taking activities that spooked the exchange, market breadth closed positive, recording 32 gainers and 20 losers.
In addition, the market sector performance closed positive, as three of the five major market sectors were up. The Insurance sector (+0.43%) was followed by the Banking sector (+0.27%), and the Industrial sector (+0.17), while the Consumer goods sector was down by -0.82%. The Oil and gas closed unchanged.
Overall, equities market capitalisation lost ₦26.48 billion, representing a decline of -0.07%, to close at ₦37,373.578 trillion from ₦37,400.05 yesterday. #Investors Lose N26bn to Profit-Taking in Stock Market Naira Gains as CBN Limits Tenure of Banks Chiefs