Profit-taking dips market by 0.1 per cent as investors lose N20bn

On Wednesday, bearish sentiment resurfaced at the Nigerian Exchange Limited (NGX) as the benchmark index shed 0.1 per cent at the end of the day’s trading.

Consequently the All Share Index settled at 41,975.45 basis points as equities investors took profit off Zenith Bank, Wapco and Guaranty Trust Holding Company leading to a 2.0 per cent, 2.6 per cent and 1.1 per cent decline in the value of their respective shares.

Accordingly, the Month-to-Date loss increased to -0.2 per cent while the Year-to-Date gain moderated to +4.2 per.
Investors, therefore, lost N20 billion as the market’s worth settled at N21.90 trillion from an opening mark of N21.93 trillion

As measured by market breadth, market sentiment was negative, as 18 tickers lost relative to 13 gainers. On the chart, Lasaco Insurance and Chams topped the losers’ list after recording 9.4 per cent and 8.3 per cent decline in the value of their respective shares, while Multiverse and Universal Insurance recorded the most significant gains of the day, having advanced by ten per cent respectively.

Sectorial performance was broadly negative as the Insurance, Banking, Industrial Goods, and Oil & Gas indices recorded losses by 1.5 per cent, 1.9 per cent and 0.1 per cent respectively, while the Consumer Goods index gained 0.1 per cent in value.

Activities at the local bourse followed the previous day’s trend as the total volume of trades decreased by 37.2 per cent to 292.94 million units, valued at N2.06 billion and exchanged in 4,899 deals.

FBN Holdings still holds Investors’ hearts as it was the most traded stock by volume and value at 59.61 million units and N614.76 million, respectively.

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Profit-taking dips market by 0.1 per cent as investors lose N20bn