Profit taking drags market capitalisation down by N168bn

The market capitalisation of the Nigerian Exchange Ltd. (NGX), on Wednesday, further declined by N168 billion or 0.28 per cent, following profit taking by investors.

Specifically, the market capitalisation of listed equities depreciated to N58.947 trillion, from N59.115 trillion, which it opened for the day.

Similarly, the All-Share Index, which measures the performance of listed equities, dropped by 0.28 per cent or 297 point to close at 104,256.81 from 104,553.31 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return slipped 39.43 per cent.

The market downtown was driven by price depreciation in large and medium capitalised stocks such a Secure Electronic Technolog (NSLTECH), The Initiative, FBN Holdings (FBNH), Vitafoam and Berger Paints

However, market breadth closed positive with 29 gainers and 24 losers on the trading floor.

NEM Insurance and Computer Warehouse Group led the gainer’s chart by 10 per cent each to close at N8.80 and N6.05 per share, respectively.

Juli Plc also appreciated by 9.98 per cent to close at N6.50, while International Energy Insurance gained 9.85 per cent to close at N1.45 per cent.

Also, Thomas Wyatt Nigeria rose by 9.55 per cent to close at N2.18 per share.

On the loser’s chart, NSLTECH and The Initiative led in percentage terms of 10 each to close at 54k and N2.16 per share, respectively.

FBNH followed closely by 9.90 per cent to close at N39.60, while Vitafoam Nigeria Plc trailed by 9.88 per cent to close at N19.15, Per share.

Berger Paints lost 9.80 per cent to close at N15.65 per share.

Meanwhile, analysis of the market activities indicat that d trade turnover settled lower relative to the previous session, with the value of transactions down by 9.92 per cent.

A total of 298.65 million shares valued at N6.84 billion were exchanged in 8,248 deals, compared to 307.01 million shares valued at N7.59 billi, n exchanged in 9,548 deals posted previously.

FBNH led the activity chart in volume and value chart with 38.76 million shares traded in value of N1.56 billion.

United Bank of Africa(UBA) followed by 29.08 million shares worth N762.77 million.

Transcorp sold 26.29 million shares worth N362.54 million, while Fidelity Bank traded 18.16 million shares valued at N185.06 million.

AccessCorp transacted 17.97 million valued at N413.02 million.