Profit taking activities at NGX dips market by 1.2% as investors lose N463.7bn

On Monday, equities trading opened the week sharply lower amid profit-taking activities, thus eroding the previous week’s gains.

The All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) declined by 1.2 per cent to 67,296.18 points.

The market’s weak performance was driven by selloffs in Tier-1 Banking Names, Zenith Bank, Guaranty Trust Holding Company and Access Holdings, leading to 5.82 per cent, 8.62 per cent and 8.57 per cent decline in their respective share prices.

Accordingly, the Month-to-Date and Year-to-Date returns settled at +1.1 per cent and +31.3 per cent, respectively.

Equities investors, therefore, lost N463.66 billion as the market capitalisation settled lower to N36.83 trillion.

As measured by market breadth, market sentiment was negative, as 43 tickers lost relative to 16 gainers. On the performance board, E-Tranzact and Nascon recorded the highest losses of the day after their share prices dipped by 10. P per cent, respectively, while Northern Nigeria Flour Mills and Oando topped the gainers’ list after their share prices appreciated by 10.0 per cent and 9.7 per cent, respectively.

Performance for all sub-sectors indices closed negative: the NGX Banking, NGX Insurance, NGX Consumer Goods, NGX Oil/Gas, and the NGX Industrial indices moderated by 6.11 per cent, 2.07 per cent, 1.45 per cent, 0.10 per cent, and 0.28 per cent, respectively.

At the local bourse on Monday, activities was tepid as analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 0.08 per cent. A total of 520.13 million shares valued at N8.33 billion were exchanged in 9,914 deals.

United Bank for Africa led the volume chart with 73.93 million units traded while Zenith Bank led the value chart in deals worth N1.52 billion.

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