Equity market sheds N25bn as investors embark on profit taking

Stock market

THE stock market closed on a bearish note on Tuesday as market capitalisation dropped by N25 billion or 0.09 per cent to close at N28.656 trillion, compared with N28.681 trillion recorded on Monday.

The All-Share Index (ASI) also went down by 45.14 basis points or 0.09 per cent to close at 52,612.55 from 52, 657.69 posted at the previous session.

The weak performance of the market was largely driven by profit-taking in Zenith Bank, Guaranty Trust Holding Company (GTCO) and Nigerian Breweries stocks.

Consequently, the year-to-date (YTD) return fell to 2.66 per cent.

Market breadth closed on a positive note as 15 stocks posted gains, while 11 stocks recorded losses.

Mutual Benefits led the gainers’ chart in percentage terms by 10 per cent to close at 33k per share.

Unilever followed with 9.91 per cent gain to close at N12.20, while C&I Leasing rose by 9.84 per cent points to close at N3.46 per share.

Associated Bus Company appreciated by 9.68 per cent to close at 34k, while International Energy Insurance garnered 8.16 per cent to close at 53k per share.

Conversely, Nigerian Breweries dominated the losers’ chart in percentage terms with 9.9 per cent to close at N41.85 per share.

Caverton Offshore Technology followed with 9.52 per cent loss to close at 95k per share while Champion Breweries declined by eight per cent to close at N4.60 per share.

Wapic Insurance lost by 6.67 per cent points to close at 42k, while NGX Group depreciated by 5.93 per cent points to close at N25.40 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 171.53 per cent.

A total of 182.40 million shares valued at N4.82 billion were exchanged in 3,470 deals. (NAN)