Profit taking: Investors lose N148bn on NGX in a session

The Nigerian Exchange (NGX) market capitalisation dropped further by N148 billion, extending bearish run to two consecutive trading sessions.

Specifically, the market capitalisation which opened at N20.487 trillion shed N148 billion or 0.72 per cent to close at N20.339 trillion.

Also, the All-Share Index lost 283.95 points or 0.72 per cent to close at 39,022.52 from 39,306.47 achieved on Monday.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; BUA Cement, Portland Paints, SCOA, FBN Holdings and Zenith Bank.

Consequently, the market sentiment closed negative with 16 gainers in contrast with 22 losers.

Portland Paints & Products led the losers’ chart in percentage terms with 9.85 per cent to close at N2.47 per share.

Champion Breweries followed with 9.68 per cent to close at N1.96, while SCOA shed 9.30 per cent to close at N1.95 per share.

Regency Alliance Insurance lost 8.11 per cent to close at 34k, while SUNU Assurances depreciated by 7.41 per cent to close at 50k per share.

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Conversely, Associated Bus Company and The Initiates dominated the gainers’ chart in percentage with 10 per cent each to close at 44k per share each.

Eterna followed with a gain of 9.93 per cent to close at N7.97 per share.

Transcorp Hotels appreciated by 9.85 per cent to close at N3.57, while Wema Bank gained 5.45 per cent to close at 58k per share.

Also, the volume of shares traded dropped by 42.8 per cent as investors bought and sold 204.65 million shares valued at N1.84 billion in 3,940 deals.

This was against 357.69 million shares worth N3.56 billion exchanged in 4,394 deals on Monday.

Transactions in the shares of Courteville Business Solutions topped the activity chart with 27.12 million shares valued at N5.47 million.

Fidelity Bank followed with 23.41 million shares worth N54.21 million, while Zenith Bank traded 18.55 million shares valued at N435.53 million.

Access Bank sold 11.49 million shares worth N94.61 million, while Transcorp transacted 10.91 million shares worth N9.59 million.

(NAN)

Vanguard News Nigeria

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