Wednesday, November 30Inside Business Africa

Sustained profit-taking drags index further by 0.19%

Persistent profit-taking in the shares of some blue-chip companies, yesterday, dragged the domestic equity market to a downturn, causing the All-Share Index (ASI) to depreciate further by 0.19 per cent.

Precisely, the ASI declined by 47.65 absolute points, representing a loss of 0.19 per cent to close at 25,550.31 points. Accordingly, investors lost N1 billion in value as market capitalisation went down to N13.353 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Cadbury Nigeria, Lafarge Africa, NEM Insurance, Zenith Bank and International Breweries.

On stock market performance, analysts at Afrinvest Limited said: “We expect the bearish performance to persist as we anticipate more profit-taking. However, there are opportunities for bargain hunting.”

Market breadth closed negative, as 17 stocks posted gains while 19 stocks posted declines. Learn Africa recorded the highest price gain of 9.62 per cent to close at N1.14, per share.

Berger Paints Nigeria followed with a gain 7.44 per cent to close at N6.50, while Union Bank of Nigeria (UBN) rose by seven per cent to close at N5.35, per share.

Oando went up by 4.44 per cent to close at N2.35, while Lasaco Assurance appreciated by four per cent to close at 26 kobo,  per share. On the other hand, Royal Exchange led the losers’ chart by 10 per cent to close at 27 kobo, per share.

NEM Insurance followed with a decline of 9.78 per cent to close at N2.03, while Cadbury Nigeria declined by 8.39 per cent to close at N7.10, per share.

Associated Bus Company lost 8.33 per cent to close at 33 kobo, while Neimeth International Pharmaceuticals shed 7.69 per cent to close at N1.80, per share.

The total volume traded decreased by 13.59 per cent to 211.816 million shares, worth N2.418 billion, and traded in 3,651 deals. Transactions in the shares of FCMB Groups topped the activity chart with 30.330 million shares valued at N62.182 million.

Access Bank followed with 20.974 million shares worth N139.404 million, while United Bank for Africa (UBA) traded 18.57 million shares valued at N109.651 million.

Zenith Bank traded 17.987 million shares valued at N306.34 million, while FBN Holdings transacted 13.538 million shares worth N67.407 million.

Source: Guardian

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