Stock market dips by 1.2% amid profit-taking

News Agency Of Nigeria

March 29, 2023 8:00 AM

PZ dominated the gainers’ chart in percentage terms, gaining 9.62% to close at ₦‎11.40 per share.

Nigeria stock market loses N70bn, amid losses by blue chips. [Businessday]

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

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

Consequently, the year-to-date gain moderated to 3.7%.

Similarly, the market capitalisation shed ₦‎341 billion or 1.2% to close at ₦‎28.940 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% to close at ₦‎11.40 per share.

International Energy Insurance followed with 9.42% to close at ₦‎1.30, while Multiverse Mining and Exploration rose by 8.72% 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 8% to close at 23k per share.

UACN followed with a decline of 5.76 per cent to close at ₦‎9, while MTN Nigeria declined by 4.29 per cent to close at N223 per share.

Dangote Cement lost 4.17% 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 ₦‎2.05 billion achieved in 3,071 deals.

Transactions in the shares of Transcorp topped the activity chart with 61.49 million shares valued at ₦‎85.31 million.

Fidelity Bank accounted for 26.96 million shares worth ₦‎139.04 million, while Custodian & Allied Plc traded 19.97 million shares valued at ₦‎121.8 million.

Sterling Bank sold 18.65 million shares worth ₦‎29.37 million, while Guaranty Trust Holding Company (GTCO) transacted 11.74 million shares worth ₦‎291.14 million.

News Agency Of Nigeria