NGX: Profit-taking dips market by 0.4 per centre investors lose N80.44bn

The Nigerian equities market snapped last week’s bullish performance as profit-taking activities witnessed in Nigerian Breweries and BUA Cement undermined the market’s performance on Monday.

The domestic equities market witnessed a pullback following six days of bargain hunting activities, as the All-Share Index (ASI) moderated by 0.38 per cent to 40,714.00 basis points.

Accordingly, the Month-to-Date and Year-to-Date returns of the Nigerian Exchange Limited (NGX) moderated to +1.2 per cent and +1.1 per cent, respectively.

Equities investors, therefore, lost N80.44 billion as the market capitalisation settled at N21.22 trillion as against an opening of N21.30 trillion.

However, the Exchange still recorded an equal number of gainers and losers of 17 as investors began to cherry-pick shares of better-performing companies.

On the performance chart, Sovereign Insurance and Nigerian Breweries topped the losers’ list with 8.3 per cent and 6.1 per cent respective decline against their share values, while NEM Insurance and EcoBank recorded the most significant gains having added 10.0 per cent and 9.5 per cent increase in the value of their respective shares.

Banking stocks remained the toast of investors given the decent dividend yield they offer, the NGX Banking index rose by 0.75 per cent.

Also, the NSE Insurance index rose by 0.44 per cent while the NSE Oil/Gas index closed flat. On the flip side, the NSE Industrial and the NSE Consumer Goods fell by 0.57 per cent and 1.00 per cent respectively.

Meanwhile, market activity was weak as investors traded cautiously ahead of the release of 9M 2021 financial results. Volume and value of stock traded plummeted by 42.21 per cent and 11.26 per cent to 0.19 billion units and N2.59 billion respectively.

FBN Holdings was the most traded stock by volume at 24.15 million units, while BUA Cement was the most traded stock by value at N359.35 million.

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Verdict: The alleged screenshot from Mark Zuckerberg being circulated is false.NGX: Profit-taking dips market by 0.4 per centre investors lose N80.44bn

NGX: Profit-taking dips market by 0.4 per centre investors lose N80.44bn