Stock market loses N363bn on sustained profit-taking

The equities market on Monday continued on bearish position, with investors losing about N363 billion to sustained profit-taking in several mid-tier stocks.

The downward trend was driven by sustained profit taking in stocks like: Ellah Lakes, Eterna, Veritas Kapital, CHAMS, Cutix, among other.

Market capitalisation declined by N363 billion or 0.41 per cent, closing at N88.406 trillion from N88.769 trillion on Friday.

Similarly, the All-Share Index declined by 573.31 points or 0.41 per cent to 139,722.19 from 140,295.50 recorded at the previous trading.

Meanwhile, the market breadth also closed negative, with 33 losers and 15 gainers.

Ellah Lakes, Eterna and Veritas Kapital led the losers’ chart by 10 per cent each, settling at N12.69, N34.20 and N1.89 per share respectively.

CHAMS shed by 9.56 per cent ending the session at N2.65 and Cutix fell by 7.71 per cent, finishing at N2.23 per share.

Conversely, Sovereign Trust Insurance led the gainers’ chart by 10 per cent, closing at N2.86 while SCOA Nigeria increased by 9.83 per cent, finishing at N6.59 per share.

Cornerstone Insurance soared by 7.98 per cent, settling at N6.90 and Guinea Insurance rose by 7.75 per cent, ending the session at N1.53 per share.

Secure Electronic Technology grew by 4.71 per cent, closing at 89k per share.

Analysis of the activity chart revealed decline in the market volume and increase in the market deals and value.

A total of 407.9 million shares valued N14.78 billion were exchanged in 33,859 transactions.

This is in contrast to 435.14 million shares worth N10.4 billion that was traded across 25,609 transactions earlier on Friday.

Meanwhile, FCMB Group led the activity chart with 55.8 million shares valued at N601.69 million.

Access Corporation followed with 31.9 million shares worth N843 million while Fidelity Bank transacted 26.15 million shares valued at N547.9 million.

Secure Electronic Technology sold 22.36 million shares worth N19.52 million and AIICO Insurance traded 17.7 million shares valued at N70.47 million.