Market index loses 1.83 per cent to profit-taking

Following a renewed profit-taking, the stock market growth trend reversed yesterday, leading to a 1.83 per cent loss in the All Share Index (ASI).

The ASI declined by 751.25 absolute points, representing a loss of 1.83 per cent to close at 40,396.14 points.

Accordingly, investors lost N393 billion in value as market capitalisation went down to N21.122 trillion.

The downturn was triggered by losses recorded in medium and large capitalised stocks including BUA Cement, MTN Nigeria Communications (MTNN), Zenith Bank, Okomu Oil and Guaranty Trust Bank.

Analysts at Afrivest Limited said: “We anticipate sustained profit-taking in the next trading session.”

Market sentiment, as measured by the market breadth, was negative as 34 stocks lost relative to 16 gainers.

BOC Gases Nigeria recorded the highest price gain of 9.72 per cent, to close at N10.50. NEM Insurance followed with a gain of 9.50 per cent to close at N1.96, while Sovereign Trust Insurance rose by 9.09 per cent to close at 24 kobo.

Japaul Gold and Ventures went up by 8.82 per cent to close at 74 kobo, while Livestock Feeds appreciated by 8.63 per cent to close at N1.51 kobo.

On the other hand, Oando led the losers’ chart by 10 per cent to close at N3.33 kobo. FTN Cocoa Processors followed with a decline of 9.72 per cent to close at 65 kobo while May and Baker Nigeria shed 8.55 per cent to close at N3.21 kobo.

FBN Holdings shed 8.28 per cent to close at N7.20, while Associated Bus Company lost 7.89 per cent to close at 35 kobo.

The total volume traded rose by 119.73 per cent to 465.673 million shares worth N5.118 billion and traded in 7,573 deals.

Transactions in the shares of Transnational Corporation of Nigeria topped the activity chart with 69.159 million shares valued at N64.816 million. Zenith Bank followed with 31.708 million shares worth N788.333 million while FCMB Group traded 26.594 million shares valued at N80.208 million.

Japaul Gold and Ventures traded 26.039 million shares valued at N19.269 million while Access Bank transacted 24.534 million shares worth N214.569 million.