Profit-taking in MTN Nigeria, others down equities market by N50bn

Investors’ profit-taking in highly capitalized shares on the Nigerian Stock Exchange (NSE) down the equities market by N50billion on Thursday.

The Nigerian Stock Exchange (NSE) market capitalisation which opened at N13.254 trillion shed N50 billion to close at N13.204 trillion.

Consequently, the NSE All-Share Index dipped 95.91 basis points, representing a dip of 0.38 per cent to close at 25,312.05 basis points compared with 25,407.96 basis points the equities market closed on Wednesday.

All sectoral indices augmented the ASI as all sectors closed northward save for the financial and Industrial sector leaving NSEASEM flat.

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Specifically, the likes of NSE Banking index dropped by 1.21 per cent to 286.29 basis points from 271.57 basis points while NSE Industrial Index dropped by 1.31 per cent to 999.30 basis points from 1,012.59 basis point the equities market closed the previous day.

The market breadth closed slightly negative with 16 gainers against 17 losers.

Cutix led the losers’ chart in percentage terms with a loss of 9.63 per cent, to close at N1.69, per share.

Lasaco Assurance trailed with 7.41 per cent to close at 25k, while Custodian Investment shed 7.14 per cent to close at N5.85 per share.

Union Diagnostic dropped by 6.67 per cent to close at 28k, while May and Baker dipped 5.54 per cent to close at N2.90 per share.

Conversely, UACN Property dominated the gainers’ table in percentage terms with a growth of 10 per cent, to close at 88k per share.

Linkage Assurance followed with 9.76 per cent to close at 45k, while Skyway Aviation Holding appreciated by 9.69 per cent to close at N2.49 per share.

Neimeth improved by 9.52 per cent to close at N1.61, while C & I Leasing rose by 9.28 per cent to close at N5.30 per share.

Also, the total volume of trade declined by 23.53 per cent to 270.19 million shares valued at N5.29 billion transacted in 4,550 deals.

This was against a total of 353.33 million shares worth N7.04 billion exchanged in 4,659 deals on Wednesday.

Transactions in the shares of FBN Holdings topped the activity chart with 41.35 million shares valued at N225.67 million.

Zenith Bank followed with 25.21 million shares worth N427.74 million, while FCMB Group accounted for 22.07 million shares valued at N38.23 million.

Guaranty Trust Bank sold 18.74 million shares worth N465.25 million, while Dangote Cement transacted 18.03 million shares valued at N2.57 billion.