Stock market indices plunge by N36 billion on sustained profit taking

Transactions on the equity sector of the Nigerian Stock Exchange continued on a downward note yesterday, following price losses suffered by most bluechip stocks, as market capitalisation depreciated by N36 billion.

Yesterday, the All Share Index (ASI) shed 98.98 absolute points, representing a dip of 0.31 per cent to close at 31,579.72 points.

Similarly, market capitalisation shed N36 billion at N11.529 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are: Chemical And Allied Products (CAP), GlaxoSmithKline Consumer Nigeria, PZ Cussons Nigeria, Flour Mills Nigeria and Julius Berger.

Analysts at Afrinvest Limited stated that “although market performance was negative, we expect bargain hunting in subsequent sessions.”

Also, analysts at United Capital Plc said that “looking ahead, our outlook for the rest of the month remains tilted to the downside amid a paucity of bullish triggers, as well as jitters surrounding events in the polity.”

Market breadth closed negative with 17 gainers against 18 losers. PZ Cussons Nigeria recorded the highest price gain of 9.86 per cent, to close at N11.70, per share. Glaxosmith followed with a gain of 9.43 per cent, to close at N14.50, while CAP rose by 9.42 per cent to close at N31.95, per share.

Prestige Assurance appreciated by 7.59 per cent to close at 85 kobo, while Jaiz Bank went up by 7.32 per cent to close at 44 kobo per share.

On the other hand, Diamond Bank led the losers’ chart by 9.47 per cent, to close at 86 kobo, per share. AG Leventis Nigeria followed with a decline 9.09 per cent to close at 30 kobo, while Ikeja Hotel depreciated by 8.38 per cent to close at N1.53 per share.

Unity Bank declined by 8.24 per cent to close at 78 kobo, while Veritas Kapital Assurance down by eight per cent to close at 23 kobo per share.

Investors traded a total share volume of 104.87 million valued at N1.94 billion in 2,911 deals. Unilever Nigeria traded with 20.38 million shares valued at N804.95 million. Zenith Bank followed with 14.48 million shares worth N347.44 million, while Interlinked Technologies traded 9.54 million shares valued at N34.34 million.

FCMB Groups traded 7.26 million shares valued at N11.03 million, while Diamond Bank transacted 5.89 million shares worth N5.13 million.

By Helen Oji

The Guardian Newspaper November 27th, 2018

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