Investors’ continued profit-taking pushes market capitalisation down

Investors’ continued profit-taking pushes market capitalisation down by ₦313bn

News Agency Of Nigeria

March 16, 2023 10:59 PM

The equity market extended its losing streak for the fifth successive session as the market capitalisation decreased by ₦313 billion due to investors’ continued profit-taking.

Investors’ continued profit-taking pushes market capitalisation down by ₦313bn.

The All Share Index (ASI) fell by 574.59 absolute points, representing a decrease of 1.04 per cent to close at 54,915.61 points.

Accordingly, investors lost ₦313 billion in value as market capitalisation declined to ₦29.916 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Sugar Refinery, MTN Nigeria Communications (MTNN), Ecobank Transnational Incorporated (ETI), United Capital and Industrial & Medical Gases Nigeria.

Analysts at GTI Securities said, “investors continue to pick safe stocks ahead of election uncertainties.

“We expect this negative performance to persist in the absence of any other catalyst.”

Market breadth remained negative as 25 stocks lost relative to eighth gainers.

Chams Holding Company recorded the highest price gain of 8.7 per cent to close at 25k, per share.

University Press followed with a gain 7.57 per cent to close at N1.99, while LivingTrust Mortgage Bank gained 3.37 per cent to close at ₦3.07, per share.

Sterling Bank appreciated by 2.67 per cent to close at N1.54, while Zenith Bank rose by 2.52 per cent to close at ₦24.45, per share.

On the other hand, ETI led the losers’ chart by 10 per cent to close at ₦10.80, per share.

Industrial & Medical Gases Nigeria followed with a decline of 9.32 per cent each to close at ₦7.30, while Royal Exchange lost 8.22 per cent to close at 67k, per share.

R.T. Briscoe Nigeria shed 7.69 per cent to close at 24k, while International Energy Insurance shed 6.92 per cent to close at ₦1.21, per share.

Meanwhile, the total volume of trades decreased by 24.23 per cent to 137.287 million units, valued at ₦1.510 billion, and exchanged in 3,489 deals.

Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 26.085 million shares valued at ₦33.979 million.

Zenith Bank followed with 14.721 million shares worth ₦353.890 million, while Sterling Bank traded 13.231 million shares valued at ₦20.019 million.

United Bank of Africa (UBA) traded 10.242 million shares valued at ₦81.385 million, while Access Holdings transacted 7.626 million shares worth ₦66.201 million.

News Agency Of Nigeria