Equities Market Dips N429.5bn In 48hrs On Persisting Profit-taking

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The Nigerian equities market declined by N429.5 billion in the first two days of this week as investors’ profit-taking persisted in high-mid capitalised companies listed on the Nigerian Exchange Limited (NGX).


On Monday, the domestic equities market recorded a loss of N297 billion following profit-taking activities in Seplat Energy Plc and 23 others.


On Tuesday, the Nigerian equities market declined by N133 billion due to selloffs in Dangote Sugar Refinery Plc and 19 others.


Also, the NGX ASI declined by 0.77 per cent, or 759.78 basis points, to 97,473.98 basis points when it closed on Tuesday from 98,233.76 basis points when the equities market opened for trading.


The NGX ASI breakdown revealed that on Monday, it declined by 525.02 basis points or 0.53 per cent to close at 97,708.74 basis points, while on Tuesday it declined by 234.76 basis points or 0.24 per cent, to close at 97,473.98 basis points.


According to InsideBusinessNG, the equities market recorded a negative performance driven by price depreciation in large and medium-capitalised stocks, which are Dangote Sugar Refinery, PZ Cussons Nigeria, NEM Insurance, Cadbury Nigeria, and United Bank for Africa (UBA).


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However, as measured by market breadth, investor sentiment closed positive as 22 stocks advanced, while 20 declined. Learn Africa and Tantalizers recorded the highest price gain of 10 per cent each to close at N3.63 and 55 kobo, respectively, while McNichols followed with a gain of 9.89 per cent to close at N1.00 per share.


Regency Alliance Insurance was up 9.38 per cent to close at 35 kobos, and Cutix appreciated 8.33 per cent to close at N3.25 per share.


On the other hand, Dangote Sugar Refinery, PZ Cussons Nigeria and The Initiates Plc (TIP) led the losers’ chart by 10 per cent each to close at N40.50, N22.50 and N2.25, respectively, per share.


NEM Insurance followed with a decline of 9.66 per cent to close at N9.35, while International Breweries lost 5.56 per cent to close at N4.25, per share.


UPDC Real Estate Investment Trust fell by 4.60 per cent to close at N4.15, while Caverton Offshore Support Group declined by 9.55 per cent to close at N1.42 per share.


The total volume traded declined by 30.18 per cent to 306.597 million units, valued at N5.814 billion, and exchanged in 7,951 deals. Transactions in the shares of Access Holdings topped the activity chart with 33.235 million shares valued at N575.592 million. Guaranty Trust Holding Company (GTCO) followed with 32.253 million shares worth N1.361 billion, while Nigerian Breweries traded 27.463 million shares valued at N631.760 million.


United Bank for Africa (UBA) traded 22.517 million shares valued at N519.495 million, while Royal Exchange transacted 19.459 million shares worth N10.176 million.