Stock market dips by 1.2% amid profit-taking

The Nigerian Exchange Ltd. (NGX) on Tuesday witnessed further drop in market indices by 1.2 per cent, amid sustained negative investment sentiments.

Specifically, the NGX All-Share Index dropped 626.14 points or 1.2 per cent to close at 53,124.63 compared with 53,750.77 achieved on Monday.

Consequently, the year-to-date gain moderated to 3.7 per cent.

Similarly, the market capitalisation shed N341 billion or 1.2 per cent to close at N28.940 trillion from N29.281 trillion recorded at the last trading.

The downtrend was also driven by pprofit-taking in medium and large capitalised stocks amongst which were: MTN Nigeria and Dangote cement.

Market sentiment remained positive with 16 gainers in contrast with nine losers.

PZ dominated the gainers’ chart in percentage terms, gaining 9.62 per cent to close at N11.40 per share.

International Energy Insurance followed with 9.42 per cent to close at N1.30, while Multiverse Mining and Exploration rose by 8.72 per cent to close at N3.24 per share.

FTN Cocoa Processors went up by 7.69 per cent to close at 28k, while Regency Alliance Insurance appreciated by 6.9 per cent to close at 31k per share.

On the other hand, Chams drove the losers’ chart in percentage terms by eight per cent to close at 23k per share.

UACN followed with a decline of 5.76 per cent to close at N9, while MTN Nigeria declined by 4.29 per cent to close at N223 per share.

Dangote Cement lost 4.17 per cent to close at 276k, while Fidson Healthcare shed 2.95 per cent to close at N9.55 per share.

The total volume of trade decreased by 101 per cent as investors bought and sold 202.85 million shares valued at N2.05 billion achieved in 3,071 deals.

Transactions in the shares of Transcorp topped the activity chart with 61.49 million shares valued at N85.31 million.

Fidelity Bank accounted for 26.96 million shares worth N139.04 million, while Custodian & Allied Plc traded 19.97 million shares valued at N121.8 million.

Sterling Bank sold 18.65 million shares worth N29.37 million, while Guaranty Trust Holding Company (GTCO) transacted 11.74 million shares worth N291.14 million.