Renewed profit taking drags capitalisation by N11 billion — Business

After days of some upward movement, the bears upstaged the bulls yesterday, following renewed profit taking embarked upon by investors on the Nigerian Exchange Limited (NGX), causing market capitalisation to decline by N11 billion.

At the close of transactions yesterday, the market capitalisation of listed equities depreciated to N24.749 trillion from N24.760 trillion recorded on Friday.

Similarly, the All-Share Index, which measures the performance of listed equities, also dropped by 29.08 basis points from 45957.35 points to 45928.27.

The market downturn was driven by price depreciation in large and medium capitalised stocks which are; Regency insurance, FTN Cocoa, NEM insurance, Sovereign Trust Insurance and Cutix.

As measured by market breadth, the sentiment was negative as 26 stocks recorded price appreciation, while 15 others constituted the gainers’ chart.

Investors traded 278.605 million shares valued at N2.887 billion in 4447 deals against 281.586 million shares worth N2.412 million in 3739 deals.

Regal Insurance recorded the highest loss during the day, declining by 9.52 per cent to close at 38 kobo, while FTN Cocoa trailed with a drop of 7.68 per cent to close at 36 kobo.

NEM Insurance dipped by 5.41 per cent to close at N3.50 kobo. Sovereign Trust Insurance depreciated by 4.17 per cent to close at 23 kobo. Cutix Plc fell by 4.00 per cent to close at N2.40 kobo.

Neimeth lost 4.00 per cent to close at N2.40 kobo. Japaul Gold declined by 2.50 per cent to close at 39 kobo. AIICO shed 2.44 per cent to close at 80 kobo. Unity Capital depreciated by 2.00 per cent to close at 49 kobo. United Capital also shed 2.24 per cent to close at N10.90 kobo.

On the other hand, Living Trust Mortgage led the day’s gainers, adding 9.62 per cent to close at N1.14 kobo. Northern Nigeria Flour Mills Plc followed with a gain of 9.49 per cent to close at N8.65 kobo.

Academy Press appreciated by 9.09 per cent to close at 72 kobo. Courtvellle Business Solutions added 8.70 per cent to close at 50 kobo. ABC Transport increased by 5.88 per cent to close at 36 kobo. Seplat added 3.30 per cent to close at N780.00.

Lasaco garnered 2.73 per cent to close at N1.13 kobo. May&Baker added 2.27 per cent to close at N4.50 kobo. Sterling Bank gained 1.90 kobo to close at N1.61 kobo. Honeywell flour mills also appreciated by 1.56 per cent to close at N3.25.

On the activity chart, Chams Plc recorded the highest volume of activities during the day, exchanging 40.546 million shares valued at N8.114 million, United Bank for Africa followed with an account of 35.114 million shares valued at N284.738 million.

Courtvellle Business Solutions transacted 33.325 million shares worth N16.547 million, while Access Bank sold a total of 17.068 million shares worth N166.412 million.