Profit-taking by Equities Investors Halts 2-Day Bullish Run
Investors lost N6.3 billion as the Nigerian equities market backpedaled, halting a two consecutive sessions of bullish run after profit-taking activities.
Sell-offs in some stocks pull the initial growth downward on Thursday, halting the bullish moves witnessed in the early trading.
Chapel Hill Denham stated in a note that it’s worth noting that investors’ interest in tier 1 banking counters had kept the market in the green for most of the period.
However, sell-offs on UBN (-3.64%), INTBREW (-5.80%), and FLOURMIL (-2.82%) proved to be the wrench in the works, weighed on the benchmark index.
Notably, the NSE All-Share Index narrowly dipped 1bp to 30,738.92 points, largely driven by profit taken by domestic naira equity investors, according to Chapel Hill Denham.
Thus, the year-to-date return fell slightly to 14.52%, while market capitalisation moderated to N16.062 trillion.
At the close of the market, Transnational Corp of Nigeria Plc (+9.86% to N0.78), Learn Africa Plc (+9.52% to N1.15), and Africa Prudential Plc (+9.35% to N6.20) were top gainers.
Meanwhile, Linkage Assurance Plc (-8.89% to N0.41), Associated Bus Co. Plc (-8.82% to N0.31), and Consolidated Hallmark Insurance Plc (-8.11% to N0.34) top loser chart.
Unlike the prior session, the performance across coverage sectors was largely mixed, as 2 of 5 of Chapel Hill Denham’s coverage indices closed in the green.
Specifically, the NSE banking index closed positive, notching 6bps.
This was driven by investors’ appetite for tier 1 banking stocks, with GUARANTY (0.62%), FBNH (+2.38%), and UBA (+1.32%) leading the packs.
Similarly, the NSE oil & gas index rose by 4bps, driven by OANDO (+0.36%).
The preceding was offset by bearish performances across the NSE consumer goods (-0.53%) and NSE insurance (-0.65%) indices, following the sell-offs on FLOURMIL (-2.82%) and LINKASSURANCE (-8.89%).
Meanwhile, the NSE industrial goods index closed flat.
Elsewhere, relative to the last session, the market’s activity was broadly strong, with volume traded expanding by 50.16% to 430mn units.
Meanwhile value traded more than doubled to N6.619bn.
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Today’s most traded stocks by volume were FBN Holdings Plc (61.49mn units), BUA Cement Plc (50.28mn units), and Access Bank Plc (46.26mn units).
On the other hand, the top traded stocks by value are BUA Cement Plc (N2.284bn), Zenith Bank Plc (0.787bn), and Nigerian Breweries Plc (N0.685bn).
The Chapel Hill Denham’s Women Investment Fund (WIF) notched higher by 4bps, the Paramount Equity Fund (PEF) closed flat.
Profit-taking by Equities Investors Halts 2-Day Bullish Run
