Stocks on NSE lose N340bn on profit taking

Wednesday, 16 June 2021 05:51

Stocks on NSE lose N340bn on profit taking

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Trading at the domestic bourse opened the week on a bearish mood with the market capitalisation losing N340 billion in one day, due to drop in Airtel Africa.

Specifically, the market capitalisation, which opened at N20.409 trillion, dipped by N340 billion to close at N20.069 trillion.

Also, the All-Share Index shed 648.99 points or 1.66 points to close at 38,507.29 from 39,156.28 achieved on Friday.

Accordingly, month-to-date gain moderated to 0.2 per cent, while year-to-date loss increased to 4.4 per cent.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which were; Airtel Africa, Okomu Oil Palm, Presco, Stanbic IBTC Holdings and Guaranty Trust Bank.

This week, analysts at United Capital Plc expected the equities market to record some negative performance as investors took profit.

The market sentiment closed negative with 26 laggards against 19 gainers.

Airtel Africa led the losers’ chart in percentage terms, dropping by 10 per cent to close at N753.30 per share.

Okomu Oil Palm followed with 9.44 per cent to close at N105.50, while Cornerstone Insurance shed 9.09 per cent to close at 50k per share.

Learn Africa dropped eight per cent to close at 92k, while Livestock Feeds shed 4.74 per cent to close at N1.81 per share.

Conversely, CWG dominated the gainers’ chart in percentage terms with 9.73 per cent to close at N1.24 per share.

Berger Paints followed with 6.72 per cent to close at N7.15, while Red Star Express increased by 4.19 per cent to close at N3.23 per share.

NEM Insurance rose by 3.89 per cent to close at N1.87, while Wapic Insurance gained 3.64 per cent to close at 57k per share.

Meanwhile, the total volume of shares transacted rose by 2.9 per cent with an exchange of 297.35 million shares valued N3.65 billion exchanged in 4,402 deals.

This was in contrast with a turnover of 289.08 million shares worth N3.55 billion exchanged in 3,719 on Friday.

Transactions in the shares of Access Bank topped the activity chart with 43.14 million shares valued N359.54 million.

Sterling Bank followed with 33.21 million shares worth N52.13 million, while Zenith Bank traded 25.90 million shares valued N602.18 million.

UACN traded 22.93 million shares valued N216.79 million, while Union Homes Real Estate Investment Trust transacted 19.01 million shares worth N695.88 million.

Vanguard