Business & Economy
NGX Halts Rally As Profit-Taking Drags Index By 0.3 Per Cent
The Nigerian Exchange Limited (NGX) halted four consecutive trading sessions of an uptrend, as profit-taking by investors on the Nigerian Exchange Limited (NGX) dragged the All-Share Index (ASI) by 0.3 per cent.
Specifically, the ASI dipped by 126.32 points, representing a decline of 0.32 per cent to close at 38,801.51. Similarly, the overall market capitalisation of listed equities depreciated by N66 billion to close at N20.216 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks amongst which are, MTN Nigeria Communications, Ardova, Guaranty Trust Bank Holding Company, United Capital, and Access Bank.
Analysts at Afrinvest Limited said: “ In the final trading session, we anticipate that the negative sentiment would persist on the back of profit-taking activities.”
Vetiva Dealings and Brokerage said: “Just as expected, we saw profit-taking activity in some names as the market closed bearish. We foresee a quiet close to the week as investors await half-year results of some of the Tier-1 banks.”
However, the market breadth closed positively, recording 18 gainers as against 16 losers. Conoil recorded the highest price gain of 10 per cent to close at N20.35 kobo. Consolidated Hallmark Insurance followed with a gain 8.93 per cent to close at 61 kobo, while Sovereign Trust Insurance went up by 7.69 per cent to close at 28 kobo.
Regency Alliance Insurance rose by 7.14 per cent to close at 45 kobo, while Mutual Benefits Assurance gained 5.56 per cent each to close at 38 kobo.
On the other hand, Ardova led the losers’ chart by 6.25 per cent to close at N15.00 kobo while Veritas Kapital Assurance followed with a decline of four per cent to close at 24 kobo.
AIICO Insurance lost 2.06 per cent to close at 95 kobo, while Japaul Gold and Ventures and Wapic Insurance shed 1.92 per cent each to close at 51 kobo.
The total volume of trades declined by 32.2 per cent to 139.783 billion units, valued at N1.409 billion, and exchanged in 3,655 deals.
Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 16.433 million shares valued at N123.545 million. GTCO followed with 13.005 million shares worth N364.852 million, while Zenith Bank traded 11.936 million shares valued at N291.551 million.
Wema Bank traded 9.601 million shares valued at N8.491 million, while AIICO Insurance transacted 9.356 million shares worth N8.846 million.
