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Investors lose N9bn on profit-taking in stock market

Supreme Desk
27 April 2024 1:54 PM GMT
Investors lose N9bn on profit-taking in stock market
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Unity Bank lost 7.65 percent to close at N1.69, Japaul Gold Group declined by 6.83 percent to close at N1.91, and Wema Bank shed 6.72 percent to close at N6.25 per share.

The equities market declined on Friday, with profit-taking in stocks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), Wema Bank, Nigerian Breweries, and Nestle Nigeria, among others.

Following a flip-flop trading session, the market capitalization, which opened at N55,520 trillion, lost N9 billion or 0.02 per cent, to close at N55.511 trillion.

The All-Share Index also dropped 0.02 percent, or 16.4 points, to close at 98,152.91, in contrast to 98,169.30 recorded on Thursday.

Consequently, the year-to-Date (YTD) return on the index slipped to 31.27 percent, while the market breadth closed negative with 19 losers and 18 gainers.

Meanwhile, Sovereign Trust Insurance led the losers’ log by 10 percent to close at 36k, and Regency Alliance Insurance trailed closely by 9.76 percent to close at 37k per share.

Unity Bank lost 7.65 percent to close at N1.69, Japaul Gold Group declined by 6.83 percent to close at N1.91, and Wema Bank shed 6.72 percent to close at N6.25 per share.

Conversely, FBN Holdings, Stanbic, and NGX Group led the gainers’ log by 10 percent each to close at N20.35, N49.50, and N23.10 per share, respectively.

Livestock Feed followed closely by 9.93 percent to close at N1.66, while Vitafoam Nigeria rose by 9.91 percent to close at N18.85 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 22.92 percent.

A total of 265.07 million shares valued at N5.02 billion were exchanged in 6,582 deals, as opposed to 297.20 million shares valued at N6.52 billion exchanged in 7,417 deals posted in the previous session.

UBA led the activity chart in volume and value with 42.35 million shares traded in deals worth N980 million, followed by Access Corporation with 28.55 million shares worth N473.11 million.

Initiative Plc sold 26.55 million shares worth N48.02 million; Zenith Bank traded 23.94 million shares valued at N788.67 million; and GTCO transacted 16.55 million shares worth N592.20 million.

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