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Equities market declines further on profit taking

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The Nigerian equities market closed further on a negative note on Thursday.

Specifically, the market capitalisation decreased by N196.40 billion to N28.255 trillion from N28.451 trillion posted on Wednesday.

Similarly, the All-Share Index (ASI) declined to 52,411.09 points, or 0.69 per cent, from 52,775.40 points recorded on Wednesday.

The market breadth was negative as 12 stocks advanced and 22 stocks declined.

An analysis of the price movement chart shows that Linkage Assurance led the gainers’ table, growing by 9.80 per cent to close at 56k per share.

Courtville Business Solutions followed with eight per cent to close at 54k, while JapaulGold gained by 6.90 per cent to close at 31k per share.

Chams rose by 4.17 per cent to close at 25k, while UPDC added by 4.08 per cent to close at N1.02 per share.

Conversely, Conoil topped the losers’ chart, dropping by 10 per cent to close at N28.80 per share.

Bua Foods led the gainers’ list with 9.97 per cent to close at N53.75, while Etranzact dropped by 9.96 per cent to close at N2.44.

CWG and Eterna Oil declined by 9.62 per cent and 6.25 per cent to close at 94k and N7.50, respectively.

Also, the market turnover increased to N2.37 billion from N2.36 billion.

Sterling Bank was the toast of investors during the day, exchanging 63.66 million shares valued N97.45 billion, while Zenith Bank traded 17.34 million shares valued N382.57 million.

United Bank for Africa (UBA) followed with an account of 17.33 million shares worth N131.85 million.

Transcorp exchanged 16.17 million shares worth N21.04 million and First Bank of Nigeria Holdings (FBNH) sold 10.3 million shares worth N101.02 million.

The total volume of shares traded stood 211,62 million units, valued at N2.37 billion, and exchanged in deals.

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Olawunmi Ashafa

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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