Home Business Profit-taking in Guinness Nigeria, GTBank, Dangote Flour down equities Market by 1.3%

Profit-taking in Guinness Nigeria, GTBank, Dangote Flour down equities Market by 1.3%

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The Nigerian Stock Exchange (NSE) equities market segment resumed on Thursday’s trading session on a negative note after two-day holiday public holiday declared by federal government.

The All Share Index (ASI) shed 401.22 basis points, representing a dip of 1.30 per cent to close at 30,527.07 basis points. Similarly, the market capitalisation shed N178 billion to close at N13.444 trillion.

The equities market performance on Thursday was influenced by price depreciation in medium and large capitalised stocks, among which are, Guinness Nigeria, Guaranty Trust Bank Plc (GTBank), CI Leasing, Dangote Flour Mills and NEM Insurance.

However, market breadth was positive with 23 gainers against 16 losers. Julius Berger recorded the highest price gain of 9.90 per cent, to close at N21.65, per share. Champion Breweries followed with a gain of 8.11 per cent, to close at N1.20, while Academy Press rose by 7.41 per cent to close at N29 kobo, per share.

Livestock Feeds gained by 6.78 per cent to close at 63 kobo, while UAC of Nigeria rose by 5.60 per cent to close at N6.60, per share. On the other hand, Thomas Wyatt Nigeria  led the losers’ chart by 10 per cent, to close at 36 kobo, per share.  Capital Oil  followed with a decline 8.70 per cent  to close at 21 kobo, while Courteville Business Solutions declined by 8.33 per cent to close at 22 kobo, per share.

NEM Insurance declined by 8.07 per cent to close at N2.05, while Jaiz Bank down by 4.17 per cent, to close at 46 kobo, per share.

The total volume traded went down by 11.69 per cent to 217.33 million units, valued at N5.82 billion, and exchanged in 3,686 deals. Guaranty Trust Bank traded with 82.82 million shares valued at N2.59 billion.  Zenith Bank followed with 36.02 million shares worth N735.04 million, while United Bank for Africa (UBA) traded 8.05 million shares valued at N50.37 million.

FBN Holdings  traded 7.52 million shares valued at N52.37 billion, while Oando transacted 6.2 million shares worth N23.71 million.

Analysts at Afrinvest Limited noted that “Following the continuous bearish performance, our outlook remains unchanged as investors are still in search of economic stimulus to spur investment in equities.”

Also analysts at APT Securities and Funds Limited said that “We anticipate a turnaround in a short while as market is expected to recover from the holiday spending.”

 

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