Equity market sheds N25bn as investors take profit

The stock market closed trading activities on a bearish note on Tuesday as investors took profits in some medium and large stocks.

The market capitalisation dropped by N25 billion or 0.09 per cent to close at N26.609 trillion, when compared with N26.634 trillion recorded on Monday.

The weak performance in the market was largely driven by profit-taking in Chams, Jaiz Bank and MTN Nigeria stocks.

The All-Share Index (ASI) went down by 45.54 basis points to close at 48,853.54 from 48.899.08 posted at the previous session.

Consequently, the Year-to-Date (YTD) return fell to 14.37 per cent.

Market breadth closed on a negative note as 13 stocks posted gains, while 16 stocks recorded losses.

Smart Products Nigeria led the gainers’ chart in percentage terms by 10 per cent to close at 22k per share.

Cornerstone lnsurance Plc. followed with 8.7 per cent gain to close at 50k, while BUA Cement rose by 3.6 per cent points to close at N95 per share.

FTN Cocoa Processors appreciated by 3.23 per cent to close at 32k, while Zenith Bank garnered 2.45 per cent to close at 23k per share.

Conversely, SCOA Nigeria dominated the losers’ chart in percentage terms with 9.3 per cent to close at 78k per share.

Chams followed with 8.7 per cent loss to close at 21k per share while LASACO Assurance declined by 6.67 per cent to close at 87k per share.

Jaiz Bank lost by 5.46 per cent points to close at 84k, while University Press depreciated by 4.14 per cent points to close at N1.73 per share.

Market activities showed trade turnover settled lower relative to the previous session, with the value of transactions up by 53.94 per cent.

A total of 162.98 million shares valued at N3.87 billion were exchanged in 3,286 deals on Tuesday.