Investors Lose N481bn on Profit-taking In Zenith Bank, 53 Others

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Investors lost N481 billion as the equities market of the Nigerian Exchange Limited (NGX) on Thursday is dominated by weak sentiments on 54 companies, most especially Zenith Bank Plc, and four other Tier-1 banks.

Thus, the Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 878.64 basis points or 0.86 per cent, to close at 101,227.67 basis points from 102,106.31 basis points.

Similarly, the overall market capitalisation value shed N481 billion to close at N55.390 trillion from N55.871 trillion it closed the previous day.

The equities market Year-till-Date (Ytd) performance stood at 35.4 per cent following investors’ renewed interest in fundamental companies amid the Federal Government unification of the foreign exchange and removal of subsidy on fuel.

Zenith Bank Plc dropped by 2.17 per cent to N36.00 per share, United Bank for Africa (UBA) was down by 2.58 per cent to N24.50per share and Access Corporation depreciated by 3.58 per cent to N24.25 per share a major contributing factor to market decline on Thursday.

The market’s negative performance was driven by price depreciation in large and medium-capitalised

Investor sentiment, as measured by market breadth remained negative as seven stocks advanced, while 53 declined. Meyer recorded the highest price gain of 9.97 per cent to close at N6.29, per share. Juli followed with a gain of 9.52 per cent to close at 92 kobo, while Tantalizer was up by 4.76 per cent to close at 44 kobo, per share.

Red Star Express appreciated by 4.05 per cent to close at N3.85, while Lasaco Assurance rose by 3.54 per cent to close at N2.63, per share. On the other hand, NASCON Allied Industries, Unity Bank, Consolidated Hallmark Holdings and Sterling Financial Holdings Company led the losers’ chart by 10 per cent each to close at N58.50, N2.52, N1.44 and N5.31 respectively, per share. Eterna followed with a decline of 9.95 per cent to close at N19.90, while PZ Cussons Nigeria lost 9.91 per cent to close at N30.90, per share.

The total volume traded increased by 39.91 per cent to 478.381 million units, valued at N7.172 billion, and exchanged in 10,957 deals. Transactions in the shares of Universal Insurance topped the activity chart with 42.766 million shares valued at N16.094 million. Transnational Corporations (Transcorp) followed with 41.536 million shares worth N528.073 million, while Zenith Bank traded 31.746 million shares valued at N1.123 billion.