Nigeria: Profit Taking - NSE Market Indicators Down By 0.35%

4 February 2020

The Nigerian equities market sustained negative mood on Tuesday with the market indicators declining further by 0.35 per cent.

Specifically, the All-Share Index (ASI) decreased by 101.13 points or 0.35 per cent to close at 28,432.27 against 28,533.40 recorded on Monday.

Similarly, the market capitalisation lost N52 billion to close at N14.645 trillion compared with N14.697 trillion achieved on Monday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Chemical and Allied Products (CAP), Dangote Sugar, Zenith Bank, UACN and Guaranty Trust Bank.

Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the losing streak to investors' concern over the recent U.S. visa ban on Nigeria.

Mr Omordion added that the lingering insecurity in the country as well as mixed performances by some companies in the fourth quarter contributed to the development.

The News Agency of Nigeria (NAN) reports that the market breadth closed negative with seven gainers and 23 losers.

Union Bank of Nigeria and Wapic Insurance led the gainers' table in percentage terms, gaining 10 per cent each, to close at N6.60 and 33k per share, respectively.

Law Union and Rock Insurance followed with 9.09 per cent to close at 84k per share.

Lasaco Assurance garnered 3.85 per cent to close at 27k, while Transcorp rose by 2.06 per cent to close at 99k per share.

Conversely, NEM Insurance and Royal Exchange led the losers' chart in percentage terms, dropping by 10 per cent each, to close at N2.16 and 27k per share, respectively.

Dangote Sugar Refinery followed with a decline of 9.78 per cent to close at N12.45 per share.

Chams shed 9.68 per cent to close at 28k, while CAP lost 9.60 per cent to close at N22.60 per share.

However, the total volume of shares traded increased by 1.30 per cent to 254.86 million shares valued at N3.04 billion traded in 5,199 deals.

This was against 251.59 million shares worth N3.15 billion achieved in 4, 752 deals on Monday.

The banking sector dominated the activity chart with Zenith Bank emerging the most active with 68.48 million shares valued at N1.31 billion.

FBN Holdings followed with an exchange of 32.66 million shares worth N193.69 million, while Access Bank traded 28.83 million shares valued at N259.55 million.

United Bank for Africa sold 23.63 million shares worth N174.62 million, while Guaranty Trust Bank transacted 13.27 million shares valued at N384.70 million.

(NAN)

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