NGX key indicators drop further by 0.79% on profit taking

Trading at the nation’s bourse extended losing streak on Thursday, with key market indicators nosediving by 0.79 per cent following profit taking in UACN and Union Bank of Nigeria.

Specifically, the All-Share Index lost 306.21 points or 0.79 per cent to close at 38,484.82 from 38,791.03 recorded on Wednesday.

Accordingly, month-to-date gain moderated to 1.5 per cent, while year-to-date loss increased to 4.4 per cent.

Also, the market capitalisation which opened at N20.210 trillion shed N159 billion to close at N20.051 trillion.

The negative performance was buoyed by investors’ sell-off sentiments in all the major market sectors, excluding the insurance sector that increased by 3.24 per cent.

The market negative performance was driven by price depreciation in large and medium capitalised stocks amongst which were; BUA Cement, UACN, Flour Mills, NASCON Allied Industries and Guaranty Trust Bank Holding Company (GTCO).

An analysis of the price movement table indicated that market sentiment closed negative with breadth 22 stocks laggards in relative to 17 gainers.

Oando led the losers’ chart in percentage terms by 9.70 per cent to close at N4.75 per share.

UACN followed with 8.93 per cent to close at N10.20, while Linkage Assurance lost 7.69 per cent to close at 60k per share.

FTN Cocoa Processors dipped 7.55 per cent to close at 49k, while UPDC shed 5.56 per cent to close at N1.19 per share.

On the other hand, Tripple Gee & Company recorded the highest gain to lead the gainers’ table with 10 per cent to close at 99k per share.

Regency Alliance Insurance trailed with 9.76 per cent to close at 45k, while Consolidated Hallmark Insurance went up by 9.26 per cent to close at 59k per share.

Prestige Assurance rose by 8.89 per cent to close at 49k, while Academy Press gained 8.57 per cent to close at 38k per share.

The total volume of trades rose by 9.5 per cent to 259.97 million units valued at N1.98 billion exchanged in 4,975 deals.

This was in contrast with 237.51 million shares worth N1.88 billion traded in 4,305 deals on Wednesday.

Transactions in the shares of Oando topped the activity chart with 56.25 million shares valued N288.49 million.

GTCO came second with 15.29 million shares worth N444.93 million, while Jaiz Bank traded 14.89 million shares valued N9.22 million.

Fidelity Bank traded 14.39 million shares worth N34.24 million, while Wema Bank transacted 12.22 million shares worth N10.08 million.