Stock market reverses gains, sheds N801bn on profit-taking

The Nigerian stock market reversed its three-day winning streak on Wednesday as investors lost N801 billion following renewed profit-taking in large and mid-capitalised stocks.

The bearish sentiment was driven by selloffs in stocks such as Nestlé Nigeria, BUA Foods, Mecure Industries, International Energy Insurance, UAC of Nigeria and 23 other equities.

Consequently, the market capitalisation declined by 0.51 per cent to N158.318 trillion from N159.119 trillion, shedding N801 billion.

Similarly, the All-Share Index fell by 1,241.19 points, or 0.51 per cent, to close at 245,418.37, compared with 246,659.56 recorded in the previous session.

The market’s Year-to-Date (YTD) return moderated to 57.71 per cent.

In spite of the overall decline, market breadth remained positive, with 37 gainers against 28 losers.

Unilever Nigeria, Cadbury and Trans-Nationwide Express led the gainers’ chart by 10 per cent each, closing at N137.50, N62.70 and N3.08 per share respectively.

Thomas Wyatt Nigeria appreciated by 9.95 per cent, finishing at N4.09 and UPDC Real Estate Investment Trust grew by 9.40 per cent, ending the session by 12.80 per share.

Conveesly, Nestlé Nigeria and BUA Foods led the losers’ chart by 10 per cent each, settling at N2,812.50 and N845.10 per share respectively.

Mecure Industries declined by 9.94 per cent, finishing at N69.30, International Energy Insurance shed by 9.84 per cent, settling at N4.40 while UAC of Nigeria dipped by 7.75 per cent, ending the session at N184.45 per share.

Meanwhile, market activity improved during the session as investors traded 1.25 billion shares worth N118.18 billion in 47,458 deals, representing a 34.34 per cent increase in volume.

First Holdco led the activity chart with 736.04 million shares valued at N80.81 billion, accounting for 58.76 per cent of the total volume traded and 68.38 per cent of the total value.
NAN