March 15, 2023

Equities market declines further due to profit-taking

 Trading activities on the equities market of the Nigerian Exchange Ltd. (NGX) extended losing streak on Wednesday, declining further by 0.42 per cent over investors profit-taking.

The All-Share Index lost 232.70 points or 0.42 per cent to close at 55,490.20 basis points, from 55,722.90 basis points posted on Tuesday.

Consequently, year-to-date returns moderated to 8.27 per cent.

In the same vein, the market capitalisation lost N127 billion to close at N30.228 trillion compared to N30.355 trillion recorded on Tuesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, Guaranty Trust Holding Company (GTCO) and Geregu Power.

United Capital, however, led the losers’ chart in percentage terms with 8.75 per cent to close at N11.70, per share.

Universal Press followed with 7.50 per cent to close at N1.85, per share.

Glaxosmith shed 7.46 per cent each to close at N6.20, while Neimeth lost 7.01 per cent to close at N1.46, per share.

Conversely, Prestige Assurance led the gainers’ chart in percentage terms, gaining 7.89 per cent to close at 41k, per share.

Veritas Kapital followed with an appreciation of five per cent to close at 21k, while NGX Group lost by N4.87 per cent to close at N28, per share.

Unilever declined by 3.7 per cent to close at N14, while Japaul and Ventures rose by 3.57per cent to close at 29k, per share.

GTCO topped the activity chart with an exchange of 33.85 million shares valued at N841.95 million.

Transcorp followed with 21.13 million shares worth N26.62 million, while Zenith Bank traded 18.56 million shares valued at N454.67 million.

Flour Mills sold 18.49 million shares worth N537.14 million, while United Bank for Africa(UBA) transacted 21.97 million shares worth N5.33 million.

In all, the total volume of shares traded dropped by nine per cent as investors bought and sold 181.19 million shares worth N3.41 billion in 3,908 deals.