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Bears resurface on NGX, capitalisation down by N13bn

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Trading on the Nigerian stock market returned to bearish territory on Wednesday with market capitalisation dropping by N13 billion due to profit taking in FBN Holdings (FBNH).

Speficially, the market capitalisation which opened at N21.821 trillion dropped by N13 billion or 0.06 per cent to close at N21.808 trillion.

Also, the All-Share Index inched lower by 25.35 points or 0.06 per cent to close at 41,789.59 from 41,814.94 achieved on Tuesday.

Consequently, the month-to-date and year-to-date return moderated to 3.9 per cent and 3.8 per cent, respectively.

The bearish sentiment was a result of investors’ profit-taking in Nestle, FBNH and 13 others.

The negative performance of the market was driven by price depreciation in large and medium capitalised stocks which are; Nestle, FBNH, GlaxoSmithKline, Transcorp Hotels and Custodian Investment.

However, the market closed positive recording 24 gainers as against 15 losers.

LivingTrust Mortgage Bank recorded the highest price gain in percentage terms by 9.59 per cent to close at 80k per share.

AIICO Insurance followed with a gain of 9.57 per cent to close at N1.03, University Press went up 9.09 per cent to close at N1.80 per share.

Red Star Express was up by 6.25 per cent to close at N3.40, while Total Nigeria appreciated by 5.97 per cent to close at N220 per share.

On the other hand, GlaxosmithKline led the losers’ chart in percentage terms by 10 per cent to close at N6.30 per share.

Transcorp Hotels followed with 9.88 per cent to close at N5.38, while FBNH lost 6.05 per cent to close at N11.65, per share.

Veritas Kapital Assurance lost 4.35 per cent to close at 22k, while Africa Prudential shed 3.94 per cent to close at N6.10 per share.

In all, the total volume of trades declined by 19.42 per cent to 284.60 million valued at N3.20 billion exchanged in 5,036 deals.

This was against a total of 353.20 million shares worth N5.57 billion traded in 5,322 deals on Tuesday.

Transactions in the shares of FBNH topped the activity chart with 75.46 million shares valued at N898.01 million.

AIICO Insurance followed with 18.42 million shares worth N17.81 million, while Ecobank Transnational Incorporated traded 17.32 million shares valued at N137.32 million.

Transcorp traded 15.21 million shares valued at N15.49 million, while Fidelity Bank transacted 14.03 million shares worth N38.53 million.

Chinyere Joel-nwokeoma

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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