NGX: Capitalisation drops further by N83bn on profit taking

Negative sentiment persisted on the nation’s bourse on Thursday amid profit taking on MTN Nigeria Commnuciations (MTNN) and 18 others.

Consequently, the All-Share Index declined by 158.02 points or 0.35 per cent to 43,549.28 from 43,707.30 achieved on Wednesday.

Accordingly, month-to-date and year-to-date gains moderated to 3.6 per cent and 8.1 per cent, respectively.

Also, the market capitalisation of listed equities declined by N83 billion to N22.726 trillion from N22.809 trillion on Wednesday.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are; MTNN, Cutix, Nigerian Exchange Group (NGXGroup), Guaranty Trust Holding Company (GTCO) and United Bank for Africa (UBA).

Overall, the market closed negative recording 19 losers as against 12 gainers.

Cornerstone Insurance led the losers’ chart in percentage terms by 8.77 per cent to close at 52k per share.

Cutix followed with 8.06 per cent to close at N5.70 per share.

eTranzact International and Regency Alliance Insurance shed 7.32 per cent each to close at N1.90 and 38k, while Lasaco Assurance depreciated by 5.36 per cent to close at N1.06 per share.

Conversely, Unity Bank topped the gainers’ chart in percentage terms with 7.27 per cent, to close at 59k per share.

FTN Cocoa processors followed with five per cent to close at 42k, while Universal Insurance appreciated by 4.76 per cent to close at 22k per share.

Lafarge Africa garnered 2.62 per cent to close at N25.50, while UACN Property Development Company appreciated by 2.42 per cent to close at N1.69 per share.

The total volume of transactions fell by 40.41 per cent to 161.31 million shares worth N2.14 billion traded in 3,574 deals.

This was against 270.70 million shares valued at N5.63 billion in 3,861 deals on Wednesday.

Transactions in the shares of FBN Holdings topped the activity chart with 28.16 million shares valued at N322.07 million.

Transcorp followed with 23.51 million shares worth N23.51 million, while Zenith Bank traded 12.52 million shares valued at N301.20 million.

Access Bank sold 9.29 million shares valued at N86.96 million, while Sterling Bank transacted 8.296 million shares worth N12.461 million.