Equities Market Dips 0.02% Over Profit-taking In UBA, 18 Others


The equities market of Nigerian Exchange Limited (NGX) traded marginally lower as profit-taking activities in United Bank for Africa (UBA) Plc and 18 others caused a 0.02 percent decline in the market benchmark index.

The NGX All-Share Index (ASI) shed 11.61 basis points or 0.02 percent to close at 67,206.16 basis points. Also, market capitalisation dipped by N7 billion to close at N36.923 trillion.

Analysts at InvestmentOne Research said, “The local bourse was slightly negative today due to the selloffs observed across major sectors.

“Going forward, we expect investors sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”

The downturn was driven by price depreciation in large and medium-capitalised stocks amongst which are; United Bank for Africa (UBA), Eterna, Nigerian Breweries, eTranzact International, and Lafarge Africa.

As measured by market breadth, market sentiment was positive, as 23 stocks gained relative to 19 losers. Multiverse Mining and Exploration emerged as the highest price gainer of 9.74 per cent to close at N2.93, per share. Chams Holding Company followed with a gain of 9.71 percent to close at N1.92, while Caverton Offshore Support Group advanced by 9.35 percent to close at N1.52, per share.

FTN Cocoa Processors rose by 8.97 percent to close at N1.70, while Geregu Power appreciated by 7.71 percent to close at N370.00 per share. On the other side, SUNU Assurance and eTranzact International led others on the losers’ chart with 10 percent each to close at 99 kobo and N7.56 respectively, while DEAP Capital Management & Trust followed with a decline of 7.41 percent to close at 25 kobos, per share.

Eterna lost 7.09 percent to close at N13.75, while UBA depreciated by 5.78 percent to close at N18.75 per share.

The total volume traded increased by 3.1 percent 56.92 percent to 329.660 million units, valued at N4.411 billion, and exchanged in 5,998 deals. Transactions in the shares of Fidelity Bank led the activity with 50.320 million shares worth N411.729 million. Access Holdings followed with an account of 43.187 million shares valued at N730.101 million, while Chams Holding Company traded 26.651 million shares valued at N50.208 million.

UBA traded 20.630 million shares worth N733.794 million, while Guaranty Trust Holding Company traded 20.630 million shares worth N733.794 million.

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