Equities Market Dips N297bn On Profit-taking In Seplat Energy, 23 Others

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The domestic equities market commenced the new week trading with a loss of N297 billion following profit-taking activities in Seplat Energy Plc and 23 others.


Thus, the Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 525.02 basis points or 0.53 per cent to close at 97,708.74 basis points. Meanwhile, the overall market capitalisation value shed N297 billion to close at N55.265 trillion.


The market’s negative performance was driven by price depreciation in large and medium-capitalised stocks: Seplat Energy, NASCON Allied Industries, PZ Cussons Nigeria, eTranzact International and United Bank for Africa (UBA).


As measured by market breadth, investor sentiment closed negative as 19 stocks advanced, while 24 declined. Tantalizers and The Initiates Plc (TIP) recorded the highest price gain of 8.70 per cent each to close at 50 kobo and N2.50, respectively, while Sterling Financial Holdings Company followed with a gain of 5.38 per cent to close at N4.70 per share.


Ikeja Hotel rose by 5.37 per cent to close at N4.70, while University Press was up by 4.65 per cent to close at N2.25 per share.


On the other hand, Seplat Energy led the losers’ chart by 10.00 per cent to close at N2,962.30, per share. PZ Cussons Nigeria followed with a decline of 9.91 per cent to close at N25.00, while eTranzact International lost 9.68 per cent to close at N5.60, per share.


Unity Bank was down by 8.20 per cent to close at N1.68, while NASCON Allied Industries declined by 7.50 per cent to close at N37.00, per share.


The total volume traded advanced by 27.51 per cent to 439.100 million units, valued at N11.377 billion, and exchanged in 8,607 deals. Transactions in the shares of Notore Chemical Industries topped the activity chart with 74.426 million shares valued at N4.652 billion. Access Holdings followed with 43.054 million shares worth N749.944 million, while Universal Insurance traded 38.332 million shares valued at N13.949 million.


UBA traded 37.276 million shares valued at N903.088 million, while Regency Alliance Insurance transacted 31.994 million shares worth N10.276 million.


This week, United Capital Plc said, “We expect activities in the fixed income market to continue to be a strong demotivator toward equities investments. We expect the April 2024 Inflation report to be key economic data that investors will watch out for this week.”