Profit Taking Wipes Off ₦49.6 Billion from Stock Market

The Nigerian Stock Exchange (NSE) traded southwards for the third consecutive day this week, as investors continue to take profit.

Investors’ fortunes dropped by ₦49.6 billion while year to date (YTD) loss widen.

The All Share Index dropped by 38 basis points (bps) to 24,654.99 points, translating to YTD loss of 8.15%.Profit Taking Wipes Off ₦49.6 Billion from Stock Market

The market capitalisation also fell by 38 bps to close at ₦12.86 trillion today.

Notably, Chams Plc, Champion Breweries and Unity Bank were today’s top gainers after advancing by 9.52%, 7.95% and 7.41% to close at 23 kobo, 95 kobo and 58 kobo respectively.

On the other hand, PZ, Seplat and International Breweries were today’s losers after shedding 10%, 9.98% and 9.89% to close at ₦4.05, ₦386.00 and ₦4.10 respectively.

“We highlight that performance was bearish across the NSE sector indices with only 2 out of 5 indices closing positive”, Chapel Hill Denham said.

Specifically, the NSE insurance and banking indices gained 87 bps and 24 bps respectively.

However, the industrial index closed flat.

The losers were the oil & gas and consumer goods indices which lost 4.11% and 1.63% respectively.

Meanwhile, market activity levels improved markedly as the total volumes traded increased by 12.68% to 189 million units, valued at ₦1.92 billion.

The most actively traded stocks were FBNH which traded 44 million units, valued at ₦241.09 million.

Afrinvest Says Maturing T-Bills Will Keep Money Market Rates Down

Also, Zenith Bank traded 21 million units, valued at ₦349.37 million, and Access Bank 19 million units, valued at ₦126.61 million.

These accounted for 23.5%, 11.3% and 10.0% of total volume traded respectively.

“With sustained profit taking by investors, we do not rule out the possibility of bargain hunting in subsequent trading sessions”, Afrinvest said.

Profit Takings Wipe Off ₦49.6 Billion from Stock Market