Local stock market bows to profit taking as investors lose N98bn

At the Nigerian Exchange Limited (NGX), on Thursday, the domestic stock market index fell by 0.38 per cent to close at 46,930.68 basis points as the bears finally took over the Exchange.

Thus, investors lost N98 billion in the session as the market capitalisation followed suit the direction of the ASI to stand at N25.289 trillion, a 0.39 per cent decrease from the N25.387 trillion it stood at the end of the previous trading session.

Hence, the year-to-date gain of the local bourse fell to 9.87 per cent even as, the Exchange printing a higher number of 33 losers than 22 gainers.

The negative outing was largely contributed by profit-taking activities in large and mid capitalised stocks.

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Specifically, the share prices of Courtville, Zenith Bank, Transnational Corporation, Wapco, Unilever, MTN Nigeria, Guaranty Trust Holding Company and Nigerian Breweries declined by 6.90 per cent, 3.11 per cent, 2.56 per cent, 2.22 per cent, 1.79 per cent, 1.23 per cent, 1.07 per cent and 0.93 per cent respectively.

Given the southward movement in the benchmark index, performance across sub-indices came in negative except for the NGX Oil/ Gas Index which rose by 0.62 per cent.

The NGX Banking Index, NGX Insurance Index and NGX Industrial Index fell by 1.39 per cent, 1.85 per cent and 0.17 per cent respectively. The NGX Consumer Goods Index remained unchanged.

Meanwhile, market activity was strong today, as the volume of stock traded rose by 27.36 per cent to N434.95 million; also, the value of stocks traded increased by 69.55 per cent to N6.26 billion, as investors sold more of Blue-Chip stocks.

Fidelity Bank dominated the volume charts as the top traded stock by volume for the trading session, followed by Transnational Corporation, Zenith Bank and Guaranty Trust Holding Company to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, Seplat took the lead of the top five performers as well. It is flanked by Nigerian Breweries, MTN Nigeria, Zenith Bank and GTCO.

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Local stock market bows to profit-taking as investors lose N98bn

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Local stock market bows to profit-taking as investors lose N98bn