Equities market retracts gains as investors lose N80.5bn

The Nigerian Equities market took a negative turn on Tuesday retracting gains recorded in previous session as investors engaged in profit taking across all sectors.

Lead market indicator the Nigerian Stock Exchange All share Index (NSE ASI) recorded a decline of 0.88 per cent and dropped by 233.98 points to close the day at 26,346.24 points against an addition of 328.83 points recorded on Monday when the ASI closed at 26,580.22 points.

Market capitalisation also dropped N80.5 billion to close at N9.065 trillion, in contrast to N113.1 billion gained previously to close at N9.146 trillion.

The poor performance was preceded by decline across sub-sector indices most of which dropped in the course of the day’s trade. The Banking index fell 2.81 percent, The Main Board dropped 1.05 percent and the NSE 30 fell by 1.04 percent. The NSE Oil and Gas Index however, recorded a growth of 0.15 Percent consequent on gains in Total and Oando.

Market Statistics affirms that investor sentiments turned negative as market breadth closed with 19 gainers against 25 losers.

UAC-Prop, led the advancing stocks by five per cent to close at N3.15 per share, Continenetal Reinsurance followed with an increase of 4.76 per cent to close at N1.10 per share, Nigerian Aviation Handling Company grew 4.63 per cent to close at N2.71 per share, Air Service appreciated 4.40 per cent to close at N2.61 per share and Wapic gained 3.85 percent to close at 54 kobo per share.

On the flip side Cutix led the day’s decliners with descended by 9.52 per cent to close at N1.71, Caverton dropped 9.30 per cent to close at 78 kobo per share, 7up depreciated 9.10 per cent to close at N111.40, Fidson fell 4.51 per cent to close at N1.27 per share, while May Baker depreciated 4.26 per cent to close at 90 kobo per share.

A cumulative overview of the day’s transactions show that investors in 3,423 deals traded 219 million units of shares valued at N1.4 billion.

Financial Services stocks retained their positions at the top of activity chart, as Omoluabi Savings and Loans emerged the topmost traded stock with 93.5 million shares worth N83.9 million. Fidelity Bank followed with 39.4 million shares worth N36.0 million while FCMB was next with 37.1 million shares amounting to N49.4 million.

Custodian and Allied Insurance came fourth on the day’s activity chart having traded 35.9 million units of shares valued at N134.8 million while Diamond Bank was fifth with 27.9 million shares worth N27.9 million.