Local stock market dips marginally on profit taking

Equities trading at the Nigerian Exchange Limited (NGX) closed flat as the benchmark index dips marginally by 0.01 per cent on Thursday.

Owing to profit-taking activities at the local bourse, the All Share-Index (ASI) fell marginally by 0.01 per cent to close at 47,102.64 basis points as mixed sentiments were seen in some bellwether stocks, leaving the Month-to-Date and Year-to-Date returns flat at 1.0 per cent and 10.3 per cent, respectively.

During the day’s trading activities there was sell pressure in tickers such as Seplat, Courtville, FCMB Holdings, Zenith Bank and MTN Nigeria. Hence, their respective share prices fell by 5.88 per cent, 5.56 per cent, 4.15 per cent, 0.19 per cent and 0.10 per cent.

Despite the bearish overall sentiment, the local bourse recorded a higher number of gainers than losers with 32 against 17.

On the performance chart, Northern Nigeria Flour Mills and RTBriscoe recorded the most significant gains of the day having appreciated in shares value by ten per cent respectively, while CWG and Champion Breweries topped the losers’ list after depreciating by 9.8 per cent and 8.9 per cent respectively.

Performance across sub-indices was largely positive as four of the five sector-gauges tracked rose. The NGX Banking Index, NGX Insurance Index, NGX Consumer Goods Index and the NGX Industrial Index rose by 0.36 per cent, 0.54 per cent, 0.22 per cent and 0.11 per cent respectively, while the NGX Oil/ Gas Index remained unchanged.

Meanwhile, market activity was mixed bag on Thursday as the volume of stock traded rose by 12.41 per cent 357.76 million; however, the value of stocks traded decreased by 21.58 per cent to N6.48 billion.

Guaranty Trust Holding Company was the toast of investors for the day as it made the most traded stock by volume and value at 130.14 million units and N3.42 billion.

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Local stock market dips marginally on profit taking